{"id":1004082235,"date":"2013-08-19T05:38:01","date_gmt":"2013-08-19T13:38:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004082235"},"modified":"2022-12-06T21:44:13","modified_gmt":"2022-12-07T05:44:13","slug":"ing-sells-1-6b-of-cre-loans-to-wells-fargo","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ing-sells-1-6b-of-cre-loans-to-wells-fargo\/","title":{"rendered":"ING Sells $1.6B of CRE Loans to Wells Fargo"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/i><\/p>\n

\"Michael<\/a>

Michael Shields, of ING<\/p><\/div>\n

As part of the ongoing divestment of its U.S. commercial real estate lending business, ING Real Estate Finance (USA) L.L.C. has agreed to sell 29 CRE loans in the United States, with a total remaining balance of $1.6 billion, to Wells Fargo Bank N.A., ING REF announced Friday.<\/p>\n

As part of ING Group\u2019s Back to Basics strategy, in 2010 the company\u2019s real estate activities started to be split and individual entities were transferred internally, divested or wound down. ING REF announced in September 2012 that it would manage down its U.S. property-lending business.<\/p>\n

The portfolio being sold consists entirely of performing loans and represents about half of ING REF\u2019s total U.S. loan portfolio.<\/p>\n

\u201cThis divestment is a result of the successful execution of our strategy to capitalize on current robust U.S. market conditions to generate strong interest in the loan portfolio among a high-quality pool of potential buyers,\u201d Michael Shields, Managing Director and Head of ING Real Estate Finance Western Europe, UK, USA and Structured Products, said in a release.<\/p>\n

\u201c[A]dding high-quality, performing loans to our portfolio is consistent with our business strategy and risk management practices,\u201d Mark Myers, Head of Commercial Real Estate at Wells Fargo, said in the same release. \u201cMany of our existing customers have loans in this portfolio as well, and we look forward to meeting the needs of those customers while strengthening our commercial real estate business through this acquisition.\u201d<\/p>\n

Morrison & Foerster L.L.P. real estate partners Chris Delson and Thomas McGovern provided legal counsel to ING REF in the transaction. Wells Fargo was represented by Dechert LLP.<\/p>\n","protected":false},"excerpt":{"rendered":"

As part of the ongoing divestment of its U.S. commercial real estate lending business, ING Real Estate Finance (USA) has agreed to sell 29 CRE loans in the United States, with a total remaining balance of $1.6 billion, to Wells Fargo Bank. <\/p>\n","protected":false},"author":882,"featured_media":1004082243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742],"tags":[],"class_list":["post-1004082235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest"],"acf":[],"yoast_head":"\nING Sells $1.6B of CRE Loans to Wells Fargo - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ing-sells-1-6b-of-cre-loans-to-wells-fargo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ING Sells $1.6B of CRE Loans to Wells Fargo\" \/>\n<meta property=\"og:description\" content=\"As part of the ongoing divestment of its U.S. commercial real estate lending business, ING Real Estate Finance (USA) has agreed to sell 29 CRE loans in the United States, with a total remaining balance of $1.6 billion, to Wells Fargo Bank.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ing-sells-1-6b-of-cre-loans-to-wells-fargo\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-08-19T13:38:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T05:44:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Michael-Shields-ING.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"351\" \/>\n\t<meta property=\"og:image:height\" content=\"336\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ing-sells-1-6b-of-cre-loans-to-wells-fargo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ing-sells-1-6b-of-cre-loans-to-wells-fargo\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"ING Sells $1.6B of CRE Loans to Wells Fargo\",\"datePublished\":\"2013-08-19T13:38:01+00:00\",\"dateModified\":\"2022-12-07T05:44:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ing-sells-1-6b-of-cre-loans-to-wells-fargo\\\/\"},\"wordCount\":297,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ing-sells-1-6b-of-cre-loans-to-wells-fargo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/08\\\/Michael-Shields-ING.jpg\",\"articleSection\":[\"Investment\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ing-sells-1-6b-of-cre-loans-to-wells-fargo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ing-sells-1-6b-of-cre-loans-to-wells-fargo\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ing-sells-1-6b-of-cre-loans-to-wells-fargo\\\/\",\"name\":\"ING Sells $1.6B of CRE Loans to Wells Fargo - 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