WaFd Unit Sells $2.8 Billion of Multifamily Loans to Bank of America-March 2024-www.financetom.com

WaFd Unit Sells $2.8 Billion of Multifamily Loans to Bank of America

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WaFd Unit Sells $2.8 Billion of Multifamily Loans to Bank of America

Jun 24, 2024 1:08 AM

03:55 AM EDT, 06/24/2024 (MT Newswires) -- WaFd ( WAFD ) unit Washington Federal Bank said late Friday it has closed the sale of multifamily commercial real estate loans totaling $2.8 billion to Bank of America ( BAC ) .

The bank holding company said it incurred no loss from the transaction.

The sale was priced at 92% of the principal balance, with the discount attributable to changes in interest rates, Washington Federal Bank CEO Brent Beardall said.

Bank of America ( BAC ) is selling the loans to funds managed by Pacific Investment Management Co., Washington Federal said.

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