The FDIC–Receiver has announced that a Blackstone affiliate has successfully bid $1.2 billion for a 20% equity interest in SIG CRE 2023 Venture LLC, which holds a portfolio of commercial real estate loans worth $16.8 billion from the failed Signature Bridge Bank, N.A. The remaining 80% equity interest will be retained by the FDIC–Receiver.
These loans are backed by office, retail and market-rate multifamily properties and do not include any rent-stabilized or rent-controlled properties. Hancock JV Bidco L.L.C., controlled by Blackstone and other investors, will manage and liquidate these assets according to the terms of the transaction.
In September, the FDIC-Receiver began marketing these loans on a competitive basis with seven weeks for due diligence from qualified parties. Results for another loan portfolio primarily consisting of New York City properties are expected to be announced soon.
A branch of Signature Bank is pictured above shortly after its collapse in March.
