Wells Fargo Buys $1.6 Billion of ING Commercial Property Loans

Wells Fargo & Co. (WFC) agreed to buy commercial property loans from ING Real Estate Finance (USA) LLC with balances of $1.6 billion. The price wasn’t announced in a statement today from ING.

Payments on all of the 29 loans are considered current, and they represent about half of ING Real Estate Finance’s total U.S. loan portfolio, according to the statement. ING previously announced plans to reduce its U.S. property lending.

To contact the reporter on this story: Rick Green in New York at rgreen18@bloomberg.net

To contact the editor responsible for this story: Steven Crabill at scrabill@bloomberg.net

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