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SAN FRANCISCO-ING Real Estate Finance (USA) LLC said Friday that it has reached an agreement to sell 29 US CRE loans with a total outstanding balance of $1.6 billion to Wells Fargo Bank. Terms were not disclosed.

This past spring, the Wall Street Journal reported that New York City-based INGREF planned to put about $2.5 billion of performing CRE loans up for sale as it continues to wind down its US property-lending business. Citing unnamed sources, the WSJ reported that INGREF expected to sell the loans at face value or higher.

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