WaFd Bank sells $3.2B multifamily loan portfolio to BofA at 91.96% of UPB

WAFD INC

Portfolio of ~2,000 commercial multifamily loans; aggregate UPB $3.2 billion.
Purchase price: 91.96% of UPB, equal to approx. $2.9 billion.
Closing expected June 21, 2024, subject to due diligence by June 18.
Loans sold on servicing-released basis; BofA to assume all servicing.
Seller may be obligated to repurchase loans for representation breaches.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WAFD INC entered into Agreement for Purchase and Sale of Loans with Bank of America, N.A. valued at $3.2 billion (effective 2024-05-14).

Action: entry
Agreement: asset purchase
Counterparty: Bank of America, N.A.
Value: $3.2 billion
Effective: 2024-05-14

Exact text from the filing

On May 14, 2024 Washington Federal Bank, dba WaFd Bank, (“WaFd Bank”) a wholly owned subsidiary of WaFd, Inc. (the “Company”) entered into an Agreement for Purchase and Sale of Loans (the “Purchase Agreement”), with Bank of America, N.A. (the “Purchaser”) pursuant to which the Purchaser agreed to purchase approximately 2,000 commercial multi-family real estate loans (the “Loans”) from WaFd Bank (the “Transaction”) with a current aggregate unpaid principal balance of $3.2 billion.

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Source: SEC EDGAR

accession 0000936528-24-000085

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