Boston Private Financial Holdings is planning to sell most land and construction loans at its Southern California private banking affiliate, First Private Bank & Trust, to reduce its risk exposure, according to Reuters.

Boston Private expects First Private to take an after-tax loss of $70 million to $85 million for the third quarter, although the final sale price has not yet been determined.

The portfolio consists of 72 loans with a book value of about $250 million as of June 30.