HomeStreet, Inc. announced the closing of its previously announced sale of $990 million in multifamily commercial real estate loans. The transaction was completed on a servicing-retained basis, with the sale price, including retained servicing, at approximately 92% of the principal balance.
Substantially all of the proceeds generated from this significant asset sale were immediately utilized to pay down Federal Home Loan Bank borrowings. This action is a key component of the company's strategic plan to reposition its balance sheet.
The successful completion of this sale is expected to enhance HomeStreet's liquidity and reduce its reliance on higher-cost wholesale funding. This move is aimed at improving the company's financial performance in the near term.
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