The FDIC, acting as the receiver for Signature Bridge Bank, announced on Wednesday that it has completed the final transaction of a $33-billion commercial real estate portfolio. Santander Bank has acquired a 20% equity interest in a $9-billion portfolio of rent-stabilized/rent-controlled multifamily loans.
SBNA Investor LLC, controlled by Santander directly, paid $1.1 billion for its stake in SIG RCRS A/B MF 2023 Venture LLC , which is fully owned by the FDIC–Receiver. The venture will be majority-owned by the FDIC–Receiver with an 80% equity interest.
According to Ana Botín, executive chair of Banco Santander: “This transaction highlights our strength and expertise in this sector as we are already a major player in U.S. multifamily space.”
A team from Newmark led by Doug Harmon and Adam Spies acted as financial advisor for the FDIC . This announcement comes after Blackstone-affiliated investors won bidding rights to acquire part ownership of another CRE loan portfolio worth $16.8 billion on December 14th and Community Preservation Corp (CPC) along with Related Fund Management purchased a minority stake worth $5.8 billion on December 15th.
Similar to their approach with CPC-Related’s acquisition ,the FDIC engaged with housing authorities at both city and state levels along with government agencies and community-based organizations before making this deal official.
In breaking news today, it was announced that Signature Bridge Bank’s failed bank’s commercial real estate (CRE) portfolio valued at $33 billion has been successfully marketed under Federal Deposit Insurance Corporation (FDIC). The final transaction was completed yesterday when Santander Bank acquired an impressive share – specifically speaking about one-fifth or rather twenty percent – amounting up-to nine million dollars’ worth rent-stabilized/rent-controlled multi-family loans’ portfolios .
Santanders direct entity SBNA Investor LLC, has paid a whopping $1.1 billion for its interest in SIG RCRS A/B MF 2023 Venture LLC – which is a newly formed entity that is wholly owned by FDIC-Receiver. The venture will be majority-owned by the FDIC–Receiver with an 80% equity interest.
Ana Botín, executive chair of Banco Santander stated on Wednesday: “This transaction highlights our strength and expertise in this sector as we are already a major player in U.S. multifamily space.”
A team from Newmark led by Doug Harmon and Adam Spies acted as financial advisor for the FDIC . This announcement comes after Blackstone-affiliated investors won bidding rights to acquire part ownership of another CRE loan portfolio worth $16.8 billion on December 14th and Community Preservation Corp (CPC) along with Related Fund Management purchased a minority stake worth $5.8 billion on December 15th.
Similar to their approach with CPC-Related’s acquisition ,the FDIC engaged with housing authorities at both city and state levels along with government agencies and community-based organizations before making this deal official.
