Bank of America to Buy $3.2 Billion of CRE Loans From WaFd Bank

Bank of America Corp. agreed to purchase about $3.2 billion of multifamily loans from Washington Federal Bank at a discount, as regional banks look to reduce their exposure to commercial real estate.

BofA will pay $2.9 billion for the debt, a discount of more than 8% to the outstanding value, and will work with funds linked to Pacific Investment Management Co. on the financing, according to a filing on Friday. The deal is expected to close June 21.

Representatives for Pimco and BofA didn’t immediately respond to requests for comment.

The sale is the latest among a slew of ...