Flushing Financial Aims to Raise $70M Amid Bond Sell-Off
Flushing Financial, a New York-based commercial real estate lender, is seeking to raise $70 million by selling low-yielding bonds and loans backed by commercial real estate, which will result in a loss and require a fresh stock sale. This move comes as banks with commercial real estate exposure face challenges due to Federal Reserve interest rate hikes, leading to unrealized losses. Flushing Financial, with $9.3 billion in assets, is among the community banks under pressure to improve capital levels, as regulators push for stronger financial foundations.