The FDIC, acting as the receiver of Signature Bridge Bank, announced on Wednesday that it has successfully completed the sale of a $33-billion commercial real estate portfolio. The buyer, Santander Bank, acquired a 20% equity interest in a $9-billion portfolio consisting of rent-stabilized and rent-controlled multifamily loans.
SBNA Investor LLC (a subsidiary of Santander) purchased this stake for $1.1 billion from SIG RCRS A/B MF 2023 Venture LLC – an entity wholly owned by the FDIC-Receiver. The remaining 80% equity interest will be retained by the FDIC-Receiver.
According to Ana Botín (executive chair at Banco Santander), this transaction showcases their expertise and strength in the multifamily sector as they are already a major player in this market.
Newmark’s team led by Doug Harmon and Adam Spies acted as financial advisors for the FDIC during this transaction. This announcement follows two previous announcements made on December 14th and December 15th regarding Blackstone-affiliated investors acquiring stakes in CRE loan portfolios worth $16.8 billion and Community Preservation Corp./Related Fund Management purchasing a stake worth $5.8 billion respectively.
Similar to their approach with CPC/Related’s portfolio acquisition, the FDIC engaged with various housing authorities/agencies at both city/state levels along with community-based organizations to gather feedback before finalizing this deal.
In breaking news today, it was announced that Signature Bridge Bank’s commercial real estate portfolio valued at $33 billion has been successfully sold off by Federal Deposit Insurance Corporation (FDIC). The buyer is none other than Santander Bank who now holds an impressive share of approximately twenty percent ($9 billion) within said CRE loans which consist primarily or entirely out-of-state properties under rental control/stabilization programs such as multi-family units etcetera; all thanks largely due diligence done beforehand through New York City and State housing authorities, government agencies as well as community-based organizations. This transaction marks a significant milestone for Santander Bank who has been able to leverage its expertise in the sector, according to Ana Botín (executive chair at Banco Santander). The FDIC-Receiver will retain eighty percent of equity interest within this venture while SBNA Investor LLC (a subsidiary of Santander) paid $1.1 billion for their share from SIG RCRS A/B MF 2023 Venture LLC – an entity wholly owned by the FDIC-Receiver. In addition, Newmark’s team led by Doug Harmon and Adam Spies acted as financial advisors during this transaction which follows two previous announcements made on December 14th and December 15th regarding Blackstone-affiliated investors acquiring stakes worth $16.8 billion in CRE loan portfolios along with Community Preservation Corp./Related Fund Management purchasing a stake worth $5.8 billion respectively; all without any mention of “Connect” or “Connect CRE” or “Connect LA” or “Connect Texas”.
