Bank of America has agreed to sell an $880 million commercial mortgage portfolio at a discount of 20% to 25%, the Wall Street Journal, Bloomberg and others are reporting, citing unnamed sources.
The transaction is mostly made up of performing mortgages, although nonperforming loans account for approximately one-quarter of the portfolio. The buyer is a consortium comprising Square Mile Capital Management LLC, Invesco Ltd. and a fund managed by Canyon Capital Realty Advisors LLC, the Journal reports.
The mortgages are tied to 32 properties in 12 states, according to compiled reports.
