Valley National Bank announced the closing of the sale of a diverse pool of performing commercial real estate mortgage loans to Brookfield Asset Management. This transaction is a key step in Valley's strategy to diversify its balance sheet.
The final loan pool sold had contractual balances totaling approximately $925 million. Approximately $823 million of these loans had been transferred to loans held for sale as of September 30, 2024.
This significant asset sale reduces Valley's concentration in commercial real estate, enhancing its financial flexibility and risk profile. The move allows the bank to reallocate resources towards other strategic initiatives.
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