Fortress Investment Group has acquired about $1B worth of CRE loans from Capital One, as the bank reduces risk from mortgages tied to buildings.

While the specific loans involved in the transaction were not disclosed, several reports indicated that the lion's share of the debt packages were backed by office buildings in New York City.

In its second quarter earnings report, the McClean, VA-based bank disclosed that it had reclassified $888M in office loans "from loans held for investment to loans held for sale."

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