![](https://investorshub.advfn.com/uicon/129441.png?cb=1620849685)
Wednesday, December 20, 2023 11:32:20 AM
FDIC Signature Bank Receivership Sells 20 Percent Equity Interest in Entity Holding $9 Billion Rent-Stabilized / Rent-Controlled Multifamily Loans
WASHINGTON – The Federal Deposit Insurance Corporation, as Receiver of Signature Bridge Bank, N.A. (FDIC-Receiver), today completed the final transaction following the marketing of the $33 billion Commercial Real Estate (CRE) portfolio retained in receivership after the failure of Signature Bank, New York, New York.
SBNA Investor LLC (SBNA), an entity indirectly controlled by Santander Bank, N.A., paid $1.1 billion for a 20 percent equity interest in SIG RCRS A/B MF 2023 Venture LLC (Venture), a newly formed entity wholly owned by the FDIC-Receiver. The FDIC-Receiver will retain an 80 percent equity interest in the Venture. The FDIC-Receiver contributed to the Venture approximately $9.0 billion of loans collateralized by rent-stabilized or rent-controlled properties.
Among other factors, the FDIC-Receiver has a statutory obligation to maximize the preservation of the availability and affordability of residential real property for low- and moderate-income individuals. The terms of each transaction include requirements that facilitate the financial and physical preservation of underlying collateral. SBNA will be responsible for the management, servicing and liquidation of the Venture’s assets. SBNA will also be required to manage the portfolio in accordance with the terms of the transaction, subject to comprehensive monitoring and oversight by the FDIC-Receiver.
The FDIC-Receiver announced the start of the marketing process in September 2023. The transaction was marketed on a competitive basis, with a seven-week due diligence period for qualified parties. The FDIC-Receiver offered for bidding a 20 percent equity interest in the Venture. The FDIC-Receiver carefully considered the FDIC-Receiver’s statutory obligations in the selection of the winning bidder.
For this portfolio, the FDIC-Receiver engaged with New York City and New York State housing authorities and government agencies, as well as community-based organizations, to obtain their input and provide information on the FDIC-Receiver’s efforts as the FDIC-Receiver developed its marketing and disposition strategy.
Read more about the FDIC-Receiver’s asset dispositions.
###
MEDIA CONTACT:
mediarequests@fdic.gov
FDIC: PR-107-2023
1000 - Federal Deposit Insurance Act
(d) POWERS AND DUTIES OF CORPORATION AS CONSERVATOR OR RECEIVER.--
(1) RULEMAKING AUTHORITY OF CORPORATION.--The Corporation may prescribe such regulations as the Corporation determines to be appropriate regarding the conduct of conservatorships or receiverships.
Press Release
FDIC Announces Start of Marketing Process for $33 Billion Commercial Real Estate Loan Portfolio of Former Signature Bank, New York
https://www.fdic.gov/news/press-releases/2023/pr23071.html?source=govdelivery&utm_medium=email&utm_source=govdelivery
https://www.fdic.gov/regulations/laws/rules/1000-1220.html?source=govdelivery&utm_medium=email&utm_source=govdelivery
![Bullish](/static/images/ih2-bull.png)
The Most Royal Dude
Lets Go Fishing
Recent COOP News
- Mr. Cooper Group Inc. to Discuss Second Quarter 2024 Financial Results on July 25, 2024 • Business Wire • 07/11/2024 08:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 08:07:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/24/2024 08:36:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:33:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:28:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:26:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:24:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:22:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:19:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:17:44 PM
- Xome Democratizes Real Estate with Launch of DIY Sales Platform, No Agent Required • Business Wire • 05/22/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 10:47:32 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/15/2024 12:11:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/10/2024 12:12:48 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/07/2024 08:22:09 PM
- Mr. Cooper Group Reports First Quarter 2024 Results • Business Wire • 04/24/2024 11:00:00 AM
- Mr. Cooper Group Announces Two New Senior Leaders • Business Wire • 04/23/2024 01:00:00 PM
- Mr. Cooper Group Inc. to Discuss First Quarter 2024 Financial Results on April 24, 2024 • Business Wire • 04/05/2024 03:37:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/11/2024 09:34:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:05:39 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:04:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:03:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:01:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 10:59:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/26/2024 09:28:25 PM
FEATURED Cannabix Technologies and Omega Laboratories Inc. Provide Positive Developments on Marijuana Breathalyzer Testing • Jul 11, 2024 8:21 AM
ECGI Holdings Enhances Board with Artificial Intelligence (AI) Expert Ahead of Allon Apparel Launch • ECGI • Jul 10, 2024 8:30 AM
Avant Technologies to Meet Unmet Needs in AI Industry While Addressing Sustainability Concerns • AVAI • Jul 10, 2024 8:00 AM
Panther Minerals Inc. Launches Investor Connect AI Chatbot for Enhanced Investor Engagement and Lead Generation • PURR • Jul 9, 2024 9:00 AM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM