Chemical Banking Corp. last week said it sold a $341 million portfolio of commercial mortgage loans and other real estate assets for more than 60% of face value to Morgan Stanley Real Estate Fund L.P. and Lennar Florida Partners.

The sale was somewhat unusual for Chemical, which has followed the strategy of disposing of problem real estate one asset at a time on the theory that the return to the bank is greater that way.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.