NationsBank Corp. said Thursday that it had completed the sale of troubled real estate assets with a face value of $350 million.
The purchaser's identity was not disclosed. It has retained Amresco Institutional Inc., a NationsBank affiliate, to service the acquired loans.
The Charlotte, N.C.-based banking company also did not divulge the price. Lincoln Property Co. of Dallas would not comment on a rumor that it was the buyer.
NationsBank said the transaction should not have an impact on fourth-quarter earnings, indicating that reserves are sufficient to cover shortfalls from bank value.
Last year, the bank sold a portfolio of hotel loans with a face value of $240 million for a price that was widely reported to be about 50 cents on the dollar.
$200 Million Reduction
NationsBank said this year that it planned to make bulk sales of $650 million in real estate assets.
This first portion, it said Thursday, reduces nonperforming assets by approximately $200 million.
The package includes performing and nonperforming loans on undeveloped land and from commercial, residential, and retail properties in the Mid-Atlantic region. The portfolio also includes foreclosed real estate.