"FDIC Initiates Sale of Signature Bank's $33B Real Estate Loan Portfolio"
The U.S. Federal Deposit Insurance Corporation (FDIC) is seeking buyers for the $33 billion commercial real estate (CRE) loan portfolio of failed New York lender Signature Bank. The majority of the portfolio consists of multi-family properties primarily located in New York City. The FDIC plans to market the asset over the next three months. The sale includes about $15 billion of loans secured by rent-stabilized or controlled residences. The FDIC intends to place these loans within joint ventures to preserve existing affordable housing. The agency expects to complete the portfolio sales by the end of 2023.
