Diversified community-based financial services company Wells Fargo & Co. is committed to acquiring a $3.3 billion loan portfolio from Irish Bank Resolution Corp. The portfolio consists of 61 performing U.S.-based commercial real estate loans.
Of the total portfolio amount, nearly 25 of the 61 loans with a face value of $1.5 billion were closed on October 25. As per the contract, the firm is looking to acquire the balance of the loans in the fourth quarter.
Click here for the release from Business Wire.