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SEATTLE — Washington Federal Bank, the wholly owned subsidiary of WaFd Inc. (NASDAQ: WAFD), has consummated the sale of approximately $2.8 billion of multifamily commercial real estate loans to Bank of America, which in turn is selling the loans to funds managed by Pacific Investment Management Co. The sale of the multifamily loans was executed at no loss to WaFd and provides immediate liquidity, according to the seller.
The packaged loans all came from WaFd’s acquisition of Luther Burbank Savings in March. The sale of the CRE loans was not a condition of the merger.