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For release

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

SBNA Investor LLC (SBNA), an entity directly controlled by Santander Bank, N.A., paid $1.1 billion for a 20 percent equity interest in SIG RCRS A/B MF 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 $9.0 billion of loans collateralized by rent–stabilized or rent–controlled properties.

Among other factors, the �౦��Ϸ����–Receiver has a statutory obligation to maximize the preservation of the availability and affordability of residential real property for low– and moderate–income individuals. The terms of each transaction include requirements that facilitate the financial and physical preservation of underlying collateral. SBNA will be responsible for the management, servicing and liquidation of the Venture’s assets. SBNA 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.

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 for bidding a 20 percent equity interest in the Venture. The �౦��Ϸ����–Receiver carefully considered the �౦��Ϸ����–Receiver’s statutory obligations in the selection of the winning bidder.

For this portfolio, the �౦��Ϸ����–Receiver engaged with New York City and New York State housing authorities and government agencies, as well as community–based organizations, to obtain their input and provide information on the �౦��Ϸ����–Receiver’s efforts as the �౦��Ϸ����–Receiver developed its marketing and disposition strategy.

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