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Blackstone frontrunner in Signature Bank commercial-property loan sale-

Signature Bank in New York City

A person waits for a teller at a Signature Bank branch in New York City, U.S., March 13, 2023. REUTERS/David ‘Dee’ Delgado Acquire Licensing Rights

Nov 19 (Reuters) – Blackstone (BX.N) is the lead to win the $17 billion portfolio of commercial-property loans from the U.S. Federal Deposit Insurance Corp’s sale of Signature Bank debt, Bloomberg News reported on Sunday.

In September, the FDIC was seeking buyers for the $33 billion commercial real estate loan portfolio of failed New York lender Signature Bank.

The bidding process has brought in several finance companies such as Starwood Capital Group and Brookfield Asset Management Ltd (BAM.TO), according to the Bloomberg report.

The FDIC hired Newmark Group (NMRK.O) in March to sell about $60 billion of Signature Bank’s loans, after state regulators decided to close the failed lender amid turmoil in regional banks earlier this year.

Blackstone, the FDIC and Newmark Group did not immediately respond to requests for comment.

Reporting by Chandni Shah in Bengaluru; Editing by Lisa Shumaker

Our Standards: The Thomson Reuters Trust Principles.

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