Washington Federal Bank Completes Sale of $2.8 Billion in Multifamily Loans

by Channing Hamilton

SEATTLE — Washington Federal Bank, a wholly owned subsidiary of WaFd Inc., has sold approximately $2.8 billion of multifamily commercial real estate loans to Bank of America. Bank of America will sell the loans to funds managed by Pacific Investment Management Co. 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. The sale was executed at no loss to WaFd and provides immediate liquidity, according to the seller.

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