The Federal Deposit Insurance Corp. on Friday awarded a 5% equity stake in $5.8B in Signature Bank loans to a bid from Related Fund Management and two nonprofits, Community Preservation Corp. and Neighborhood Restore.
FDIC said the stake in the package of $5.8B of loans, which are collateralized by rent-stabilized or rent-controlled multifamily properties in NYC, was awarded in two joint ventures in which FDIC will retain a 95% equity interest.
The bidding process for this tranche of Signature loans, which began in September, has been mired in controversy.
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