Bank of America buys $2.9bn commercial real estate loan portfolio from WaFd to reduce exposure to struggling CRE sector.
Bank of America will purchase a $2.9bn commercial multifamily real estate loan portfolio from Washington Federal Bank (WaFd) to reduce WaFd's exposure to struggling CRE sector. The deal, expected to close on June 21, comes amidst increasing scrutiny from regulators on banks with large CRE loan portfolios. WaFd's shares have dropped 9.6% this year due to concerns over commercial-property exposures.
May 17, 2024
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