CHATSWORTH, Calif. -- Great Western Financial Corp. completed a bulk sale of commercial loas with a carrying value of $173 million to Whitehall Street Real Estate Limited Partnership III, a fun managed by Goldman Sachs & Co., the bank announced Tuesday.
Great Western also said it sold single-family nonperforming loans and real estate with a carrying value of $122 million to an unnamed financial services company.
Terms of the agreements were not disclosed.
Great Western took a $100 million provision in the third quarter against these bulk sales and one additional bulk sale that is expected to close by yearend.
Through bulk sales, auctions, and retail sales, the banking company has disposed of $1.6 billion in distressed realty assets this year.