{"id":1004691301,"date":"2023-11-21T03:59:38","date_gmt":"2023-11-21T11:59:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004691301"},"modified":"2023-11-21T06:20:32","modified_gmt":"2023-11-21T14:20:32","slug":"blackstone-leads-bidding-for-signature-banks-17b-cre-loan-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-leads-bidding-for-signature-banks-17b-cre-loan-portfolio\/","title":{"rendered":"Blackstone Leads Bidding for Signature Bank\u2019s $17B CRE Loan Portfolio"},"content":{"rendered":"
\"\"<\/a>

1400 Broadway, which houses one of Signature Bank’s former offices. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

Blackstone<\/strong> is currently the front-runner in the recently closed bidding on Signature Bank<\/strong>\u2019s $17 billion commercial property loan portfolio. The Federal Deposit Insurance Commission <\/strong>is seeking to sell the collapsed bank<\/a>\u2019s collection of 5,137 real estate loans worth $33.2 billion, referred to as SIGCRE-23.<\/p>\n

If Blackstone\u2019s bid wins, the firm will service $17 billion in loans secured by office, industrial and retail assets, the majority of which are based in and around New York City.<\/p>\n

According to reporting from The Real Deal<\/em>, Blackstone\u2019s competition to take over this portion of the bank’s debt includes Starwood Capital Group<\/strong> and Brookfield Asset Management<\/strong>. The same article states that the firm is in talks with Rialto Capital<\/strong> for assistance with servicing the loans, should they be declared the winner.<\/p>\n

\n

READ ALSO: <\/strong>Bank Distress Yields 3 Opportunities for CRE Investors<\/span><\/a><\/p>\n

\n

The $33 billion debt portfolio is a component of a larger collection of $60 billion in Signature Bank loans being sold by Newmark <\/strong>on behalf of the FDIC, according to Reuters<\/em>. The firm\u2019s Co-Heads of U.S. Capital Markets Adam Spies, Doug Harmon and Robert Griffin alongside Executive Managing Director John Howley are overseeing the sale, which began in September.<\/p>\n

The loans are divided into 14 pools, 12 of which are joint ventures ranging from $267.5 million to $5.9 billion, while the other two are all-cash pools worth $309 million and $899 million. Four of the pools consist entirely of mixed commercial real estate as well as market-rate multifamily. Collateral for the loans includes office, industrial, retail, hospitality, health-care and self storage assets.<\/p>\n

The official winners could be announced at any time, while the projected closing date for the all the loan pools is around mid-December.<\/p>\n

What else is there to collect?<\/h2>\n

The other portion of SIGCRE-23 is a $15 billion portfolio of multifamily loans, primarily for rent-regulated apartments around the same area. An affiliate of the Related Cos<\/strong>. is likely to assume a 5 percent stake in the portfolio, while the FDIC planning to hold the remaining 95 percent interest as part of its statutory obligation to protect low-income residents.<\/p>\n

At the time of its collapse in March 2023, Signature Bank held assets worth $110.4 billion<\/a>, $88.6 billion of which were in deposits. More than one-third of the bank\u2019s holdings\u2014$38.4 billion\u2014were liquidated a week after the closure.<\/p>\n","protected":false},"excerpt":{"rendered":"

A set of office, industrial and retail assets secures the loan collection.<\/p>\n","protected":false},"author":3012,"featured_media":1004664555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,1600,21742,10,21747,21749],"tags":[32892,33496,52003,50999,33028,42251,34880],"class_list":["post-1004691301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-new-york","category-latest","category-northeast","category-office","category-retail","tag-blackstone","tag-brookfield-asset-management","tag-fdic","tag-newmark","tag-rialto-capital-management","tag-signature-bank","tag-starwood-capital-group"],"acf":[],"yoast_head":"\nBlackstone Leads Bidding for $17B CRE Loan Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Blackstone is currently the front-runner in bidding to take over Signature Bank\u2019s $17 billion commercial property loan portfolio.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-leads-bidding-for-signature-banks-17b-cre-loan-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone Leads Bidding for Signature Bank\u2019s $17B CRE Loan Portfolio\" \/>\n<meta property=\"og:description\" content=\"Blackstone is currently the front-runner in bidding to take over Signature Bank\u2019s $17 billion commercial property loan portfolio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstone-leads-bidding-for-signature-banks-17b-cre-loan-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-21T11:59:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-21T14:20:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/1400bway-1-e1684920872924.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-leads-bidding-for-signature-banks-17b-cre-loan-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-leads-bidding-for-signature-banks-17b-cre-loan-portfolio\/\",\"name\":\"Blackstone Leads Bidding for $17B CRE Loan Portfolio - 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