The FDIC, acting as the receiver for Signature Bridge Bank, N.A., announced on Thursday that a Blackstone affiliate has successfully bid $1.2 billion for a 20% equity interest in SIG CRE 2023 Venture LLC. This newly formed entity is wholly owned by the FDIC and will retain an 80% equity interest.
These commercial real estate loans are backed by office, retail, and market-rate multifamily properties. The portfolio does not include any loans collateralized by rent-stabilized or rent-controlled multifamily properties.
Hancock JV Bidco L.L.C., controlled indirectly by Blackstone and other investors, will be responsible for managing and servicing the assets of SIG CRE 2023 Venture LLC. They must also adhere to all terms of the transaction.
In September, the marketing process for these loans began with a seven-week due diligence period open to qualified parties on a competitive basis. Results regarding transactions involving rent-stabilized or rent-controlled multifamily loan portfolios primarily located in New York City are expected soon.
Image: A branch of Signature Bank shortly after its collapse in March.
