HomeStreet (HMST) said Friday that its HomeStreet Bank subsidiary has agreed to sell $990 million worth of multifamily commercial real estate loans to Bank of America (BAC) at a price, including the value of retained servicing, of 92% of the principal balance.
The sale is expected to close before Dec. 31, the financial services company said.
Proceeds from the sale will be used to pay down advances and brokered deposits "which carry substantially higher interest rates than our core deposits," HomeStreet Chief Executive Mark Mason said.
Mason also said the sale represents a "first step in implementing a new strategic plan which we expect to result in a return to profitability" early next year.
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