Bank of America (NYSE:BAC) is purchasing a portfolio of 2,000 commercial multifamily real estate loans from Washington Federal Bank, the wholly owned subsidiary of WaFd (NASDAQ:WAF), for $2.9 billion.
In a filing with the U.S. Securities and Exchange Commission, WaFd reported the transaction’s portfolio carries a current aggregate unpaid principal balance of $3.2 billion. According to the filing, after the transaction closes Bank of America “intends to enter into a structured transaction or loan sale with one or more funds managed or advised by Pacific Investment Management Company LLC.”
Washington Federal is headquartered in Seattle and operates 235 branches throughout Washington, Arizona, Idaho, Nevada, New Mexico and Oregon.
Photo by Mike Mozart / Flickr Creative Commons
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