Santander Buys 20% Stake in $9 Billion Signature Bank Portfolio
21 12월 2023 - 2:22AM
Dow Jones News
By Ben Glickman
Santander has purchased a 20% stake in a $9 billion portfolio of
real estate loans formerly owned by Signature Bank.
The Federal Deposit Insurance Corp. assumed control of Signature
Bank's assets earlier this year after the bank failed. The
regulator said the deal with Santander-controlled SBNA Investor was
its final deal as part of the auctioning of Signature's $33 billion
commercial real estate portfolio.
Santander will pay $1.1 billion for its one-fifth stake, valuing
the total portfolio at $5.5 billion, and will service all of the
assets in the portfolio.
The FDIC said the portfolio was composed of $9 billion in loans
collateralized by rent-stabilized or rent-controlled
properties.
The FDIC will keep an 80% equity stake in the joint venture.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
December 20, 2023 12:07 ET (17:07 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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