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For Release

WASHINGTON — �౦��Ϸ���� (�౦��Ϸ����), as receiver of Signature Bridge Bank, N.A. (�౦��Ϸ����–Receiver), today completed one of several transactions following the marketing of the $33 billion Commercial Real Estate (CRE) loan portfolio retained in receivership after the failure of Signature Bank, New York, New York .

Hancock JV Bidco L.L.C. (Hancock), an entity indirectly controlled by Blackstone, Inc. and other investors, paid $1.2 billion for a 20 percent equity interest in SIG CRE 2023 Venture LLC (Venture), a newly formed entity wholly owned by the �౦��Ϸ����–Receiver. The �౦��Ϸ����–Receiver will retain an 80 percent equity interest in the Venture. The �౦��Ϸ����–Receiver contributed to the Venture approximately $16.8 billion in CRE loans collateralized by office, retail and market–rate multifamily properties. The Venture does not hold any loans collateralized by rent–stabilized or rent–controlled multifamily properties.

Hancock will be responsible for the management, servicing and liquidation of the Venture’s assets. Hancock will also be required to manage the portfolio in accordance with the terms of the transaction, subject to comprehensive monitoring and oversight by the �౦��Ϸ����–Receiver.

As part of the transaction, the �౦��Ϸ����–Receiver provided financing equal to 50 percent of the Venture’s value, resulting in the Venture issuing a purchase money note in the original principal amount of approximately $6 billion to the �౦��Ϸ����–Receiver.

The �౦��Ϸ����–Receiver announced the start of the marketing process in September 2023. The transaction was marketed on a competitive basis, with a seven–week due diligence period for qualified parties. The �౦��Ϸ����–Receiver offered the option of bidding on a 20 percent equity interest in a venture with optional financing, or bidding to acquire the CRE loans on a cash basis without financing. The Venture is expected to maximize the net present value of recoveries for the �౦��Ϸ����–Receiver.

The �౦��Ϸ����–Receiver expects to announce soon results for the rent–stabilized or rent–controlled multifamily loan portfolio transactions.

Read more about the �౦��Ϸ����–Receiver’s asset dispositions.