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Santander Scores Final Piece of Signature Bank CRE Loan Portfolio
The Federal Deposit Insurance Corporation, acting as receiver of Signature Bridge Bank, said Wednesday it had completed the final transaction following the marketing of the failed bank’s $33-billion commercial real estate portfolio. Boston-based Santander Bank, N.A. has acquired a 20% equity interest in a $9-billion portfolio of rent-stabilized/rent-controlled multifamily loans.
SBNA Investor LLC, an entity directly controlled by Santander, paid $1.1 billion for its interest in SIG RCRS A/B MF 2023 Venture LLC , a newly formed entity wholly owned by the FDIC–Receiver. The FDIC–Receiver will retain an 80% equity interest.
“This transaction underscores our strength and scale, leveraging our considerable expertise in the sector,” Ana Botín, Banco Santander executive chair, said Wednesday. “We are a major participant in the U.S. multifamily space and this transaction plays to our strengths.”
A Newmark team led by Doug Harmon and Adam Spies acted as the financial advisor for the FDIC. Wednesday’s announcement followed the Dec. 14 announcement that a Blackstone-affiliated investor group had won the bidding for a stake in a $16.8-billion portfolio of CRE loans and the Dec. 15 announcement that Community Preservation Corp. (CPC) and Related Fund Management had acquired a 5% stake in $5.8 billion of rent-stabilized/rent-controlled loans.
As it had done with the CPC-Related 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.
- ◦Sale/Acquisition
