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WaFD Agrees to Sell 2,000 Multifamily Loans to BofA
WaFD Inc. said in a regulatory filing that its Washington Federal Bank subsidiary had agreed to sell 2,000 commercial multifamily loans to Bank of America. BofA is acquiring the portfolio, which has an unpaid principal balance of $3.2 billion, for approximately 91.6% of the balance, or $2.9 billion.
Seattle-based WaFD did not provide specifics on locations of the properties backing the loans. The bank has a physical presence in nine western states including Washington, Oregon, Idaho, California, Nevada, New Mexico, Utah, Arizona and Texas.
The transaction is slated to close on June 21, after which WaFD intends to enter into a structured transaction or loan sale with one or more funds managed or advised by Pacific Investment Management Co.
Bloomberg News reported that WaFD last September crossed two thresholds for greater scrutiny by federal regulators: banks whose portfolios of commercial real estate loans are more than triple their capital, and CRE loan portfolios that had grown at least 50% in the past three years.
- ◦Sale/Acquisition
- ◦Financing
