Reports from the FDIC's auction of Signature Bank's commercial real estate backed loans last week are coming in and suggest that pricing for its rent-regulated apartment portfolio is as steep as expected, less than 70 cents of the loan's face value. Also, a partnership between Blackstone and Rialto Capital is one of the leading bidders for at least one of the pools of Signature assets backed by commercial property, according to reports in the Wall Street Journal and Bloomberg.
A venture of two nonprofits and Related Fund Management is poised to win the apartment portfolio and could be formally announced Monday morning, a source told the Wall Street Journal.
Bloomberg, meanwhile, reports that Blackstone is the frontrunner to win a $17 billion portfolio of commercial-property loans, according to what a source told the publication.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
