Santander’s Signature Stake
Commercial Observer
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The unwinding of the failed Signature Bank’s commercial real estate loan portfolio continues. The latest stake sale goes to Santander (and the FDIC). Also for today: New York City’s commercial building workers have authorized a strike that could start at the very end of 2023.
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— Tom Acitelli, Deputy Editor
Santander Bank Wins Stake in Remaining Signature Rent-Regulated Pool With $1.1B Bid
Santander Bank was awarded a minority stake in the remaining balance of Signature Bank’s rent-regulated loan portfolio by the Federal Deposit Insurance Corp., the agency announced Wednesday. The FDIC gave Santander a 20 percent equity interest in a joint venture of roughly $9 billion of loans backing rent-stabilized or rent-controlled properties in New York City following a $1.1 billion bid. An 80 percent stake in the JV will be maintained by the FDIC. Santander was awarded a piece of the Signature loans five days after Community Preservation Corporation (CPC) in partnership with Related Fund Management and Neighborhood Restore won a 5 percent stake in $5.8 billion of Signature loans. CPC, a Manhattan-based nonprofit, is leading the venture as managing partner.
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NYC Commercial Building Workers Authorize Strike Before the End of the Year
New York City commercial building workers voted overwhelmingly on Wednesday to authorize a strike if landlords don’t cede ground before their contract expires Dec. 31. The vote paves the way for 20,000 members of 32BJ Service Employees International Union to walk off the job if negotiations with the Realty Advisory Board (RAB) — which represents the landlords of about 900 commercial buildings around the city — remain at a standstill by the end of the year. The standstill stems mainly from changes to workers’ wages and health benefits. Landlords point to the struggling commercial real estate market for proposing cost-cutting changes to the contract, while workers want them to remain and point out they were considered essential workers during the pandemic.
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