Signature Bridge Bank, under receivership of the Federal Deposit Insurance Corp., sold a 20% stake in a $9 billion portfolio to Santander Bank for $1.1 billion.
Under the deal, the FDIC will retain an 80% interest in the portfolio, which is comprised of loans that are backed by rent-stabilized or rent-controlled apartment properties in New York City.
Read More : Santander Acquires 20% Stake in $9 Billion Signature Multifamily Portfolio