The Federal Deposit Insurance Corporation announced that the $33 billion CRE loan portfolio that came out of Signature Bank's failure early this year is now for sale. 

The majority of the CRE loan portfolio being marketed is comprised of multifamily properties, primarily located in New York City, according to FDIC. It added that approximately $15 billion of the CRE loans secured by multifamily residences are rent stabilized or rent controlled.

That raises a complication. One of the FDIC's statutory obligations is "to maximize the preservation of the availability and affordability of residential real property for low- and moderate-income individuals." To that end, those buildings will go into "one or more joint ventures" in which the FDIC will hold a majority equity interest. "In addition, the JV operating agreement will provide certain requirements that facilitate the financial and physical preservation of these loans and underlying collateral."