HomeStreet sells $990M multifamily loan portfolio to Bank of America at 91.46% of par

Mechanics Bancorp

Sale of ~190 commercial multifamily loans with $990M UPB to Bank of America for ~$906M (91.46% of UPB).
Two closings: ~$652M on Dec 27, 2024, and ~$338M on Dec 30, 2024.
HomeStreet retains servicing of the sold loans.
Proceeds expected to be used to pay down more expensive debt, per forward-looking statements.
Purchase price represents a discount to par; potential loss recognition.

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