To prepare for its pending merger with Bank of Boston Corp., a Boston thrift is selling its $150 million commercial real estate portfolio to a finance company.

Boston Bancorp, the thrift company, said it will receive 87% of the unpaid loan balance at the time of the closing from BlackRock Capital Finance LP. The commercial realty loans comprised about 35% of the $1.9 billion-asset thrift's total loans at Sept. 30.

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