Private equity firm Apollo Management is buying a $2.8 billion portfolio of commercial real estate loans from Credit Suisse for $1.2 billion, the Wall Street Journal reported on its website on Thursday.

Credit Suisse is providing Apollo with debt financing for the deal, the paper reported, adding that the bank has already written down the portfolio to well below its face value.

Credit Suisse and Apollo could not be reached immediately for comment.

(Reporting by Paritosh Bansal; Editing by Steve Orlofsky)