JPMorgan said 80% of the commercial term lending department's $36bn portfolio is multifamily loans. "This highly desirable loan portfolio adds strong earning assets in markets we currently serve and valuable relationships that will provide new origination opportunities," Al Brooks, JPMorgan head of commercial term lending, said in a press statement. "The portfolio mirrors Chase Commercial Term Lending's focus on excellent borrowers in stable markets." The transaction closed immediately and will be reflected in the JPMorgan Q310 financial statement. JPMorgan said in its release that the transaction is not expected to have a material impact on Citi's net income. For Citi Holdings, the Citigroup subsidiary created in January 2009 to hold its nonessential businesses and assets, the deal will reduce the generally accepted accounting principals (GAAP) assets by $3.5bn. It's the latest in a series of wind-downs of Citi assets as the company looks to recover from the credit crisis.