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

Authors :
Wong, Natalie
Clark, Patrick
Source :
Bloomberg.com; 12/15/2023, pN.PAG-N.PAG, 1p
Publication Year :
2023

Abstract

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]

Details

Language :
English
Database :
Complementary Index
Journal :
Bloomberg.com
Publication Type :
Periodical
Accession number :
174275294