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Bank of America plans huge commercial real estate transaction

South Carolina businesses may be interested in learning about a large commercial real estate transaction involving Bank of America Corp, which recently announced that it has agreed to sell a portfolio valued at almost $1 billion to select investors. Bank of America will sell off some $880 million in both performing and nonperforming commercial loans, discounted at 20 to 25 percent from face value. Observers believe the bank is seeking to shed at least some of the $44 billion it is holding in commercial real estate loans.

The portfolio is said to include current as well as delinquent loans in some 32 different properties. Most of the portfolio includes warehouses, a focus of one of the partners to the joint venture that is making the purchase. A smaller percentage includes office properties and senior housing.

Several other large commercial real estate transactions have also been consummated recently. Just last month, Anglo Irish Bank Corp. sold off a whooping portfolio of more than $9 billion that contained U.S. commercial real estate loans. And Bank of America sold half its stake in China Construction Bank for about $8 billion, as well as its Canadian credit card business for more than $8 billion. Bank of America is seen as moving to strengthen its capital levels in advance of tighter banking industry capital regulations, as well as to absorb some of its mortgage losses.

For South Carolina businesses looking to buy or sell business property, working with an experienced commercial real estate attorney is essential. The laws concerning these transactions are complex and changing, as are the economic markets in which businesses are operating. A lawyer can assist in negotiating transactions and following up to ensure that the legal documents reflect the agreements made.

Source: Reuters, "BofA to sell $880 million in real estate loans: source," Ilaina Jonas and Joe Rauch, Sept. 22, 2011


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