Real Estate
FDIC Starts Marketing $33 Billion of Signature Property Debt
- Many loans are tied to New York City multifamily buildings
- FDIC plans to retain a stake in joint ventures for some debt
An ATM at a Signature Bank branch in New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
The Federal Deposit Insurance Corp. has begun seeking buyers for $33 billion of commercial property loans from Signature Bank, the latest step in a massive offloading of debt from the bank that collapsed earlier this year.
The majority of the loans are backed by multifamily properties, primarily in New York City, the FDIC said Tuesday in a statement. A portion of the loans, about $15 billion, are tied to properties that are rent stabilized or rent controlled.