WaFd Bank sells $2.8B multifamily CRE loan portfolio to Bank of America at 92% of principal

WAFD INC

Sold ~$2.8B multifamily CRE loans to Bank of America for $2.6B (92% of principal) at no loss.
Transaction provides immediate liquidity for debt paydown, new lending, or share repurchases.
Loans originated from the Luther Burbank Savings acquisition completed in March 2024.
CEO says discount reflects interest rates, not credit risk; calls it the largest non-FDIC assisted CRE loan sale.

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