Washington — The Federal Deposit Insurance Corporation (FDIC), acting as receiver for Signature Bridge Bank, N.A., has inked a deal worth $1.2 billion, selling a 20 percent equity interest in an entity holding a massive $16.8 billion portfolio of commercial real estate loans.
Hancock JV Bidco L.L.C., an entity indirectly controlled by Blackstone Inc. and other investors, emerged as the winner in this high-stakes auction. The FDIC Receiver will retain an 80 percent equity interest, ensuring its significant stake in the venture. The portfolio is secured by a mix of office, retail, and multifamily properties, excluding any rent-stabilized or controlled units.
Under the deal, Hancock assumes responsibility for managing, servicing, and liquidating the assets of SIG CRE 2023 Venture LLC, the entity into which the loans were transferred. The FDIC Receiver also provided financing equal to 50 percent of the venture’s value, issuing a purchase money note of approximately $6 billion.
The transaction marks another significant milestone in the receivership process following Signature Bank’s failure. The FDIC Receiver began marketing the assets in September 2023, offering bidders the choice of acquiring an equity stake or purchasing the loans outright without financing.
While the FDIC Receiver expects to announce results for transactions involving rent-stabilized or controlled multifamily loans soon, this deal underscores the agency’s efforts to maximize recoveries and stabilize the financial landscape following the bank’s collapse.
Read more about the FDIC Receiver’s asset dispositions.
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Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes|White Collar Crime|Organized Crime
- Source: Official Source ↗
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