By Ben Glickman

Santander has purchased a 20% stake in a $9 billion portfolio of real estate loans formerly owned by Signature Bank.

The Federal Deposit Insurance Corp. assumed control of Signature Bank's assets earlier this year after the bank failed. The regulator said the deal with Santander-controlled SBNA Investor was its final deal as part of the auctioning of Signature's $33 billion commercial real estate portfolio.

Santander will pay $1.1 billion for its one-fifth stake, valuing the total portfolio at $5.5 billion, and will service all of the assets in the portfolio.

The FDIC said the portfolio was composed of $9 billion in loans collateralized by rent-stabilized or rent-controlled properties.

The FDIC will keep an 80% equity stake in the joint venture.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

December 20, 2023 12:07 ET (17:07 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Banco Santander (NYSE:SAN)
Gráfica de Acción Histórica
De Abr 2024 a May 2024 Haga Click aquí para más Gráficas Banco Santander.
Banco Santander (NYSE:SAN)
Gráfica de Acción Histórica
De May 2023 a May 2024 Haga Click aquí para más Gráficas Banco Santander.