FDIC to market $33 billion of Signature's commercial real estate loans
The Federal Deposit Insurance Corp. said Tuesday that it was marketing $33 billion in commercial real estate loans it acquired during the receivership of Signature Bank earlier this year. The loans include significant investments in rent stabilized or rent controlled multifamily housing units in the New York metropolitan area.
WASHINGTON The Federal Deposit Insurance Corp. announced Tuesday day it would begin marketing $33 billion in commercial real estate loans previously belonging to the now-failed Signature Bank.
The agency said it is setting up joint ventures to market those loans secured by rent stabilized or rent controlled units loans amounting to $15 billion, or roughly half of the portfolio to support its obligation to protect low income housing availability.
"The FDIC will place the rent stabilized or rent controlled loans in one or more joint ventures (JV) with the FDIC retaining a majority equity interest in the JV," the agency announced in a release. "The JV operating agreement will provide certain requirements that facilitate the financial and physical preservation of these loans and underlying collateral."