Related Cos.-Backed Bid Wins Stake in Signature Bank's Loan Book.

Related Cos., led by Steve Ross, has partnered with two nonprofits, the Community Preservation Corp. and Neighborhood Restore HDFC, to acquire a portfolio of property loans from Signature Bank. The loans are tied to rent-controlled and rent-stabilized apartment buildings. The Federal Deposit Insurance Corp. (FDIC) sold a 5% equity interest in two ventures that hold approximately $5.8 billion of loans to the partnership. This sale will help the FDIC offload a significant portion of the loans from Signature Bank, which failed earlier this year. The deal includes 868 permanent loans backed by properties with about 35,000 units, 80% of which are rent regulated. The FDIC has included requirements in the transaction to ensure the preservation of the properties. [Extracted from the article]