Newmark is preparing to bring Signature Bank’s $60bn (£48bn) commercial real estate portfolio to market this summer.
The US-based agent, which has been expanding in the UK over the past couple of years with acquisitions of Gerald Eve, BH2 and Harper Dennis Hobbs, was officially appointed by the Federal Deposit Insurance Company on the portfolio yesterday (3 April).
The loan portfolio was passed to the FDIC following the failure of New York-based Signature in March.
The portfolio consists primarily of commercial real estate loans, commercial loans and a smaller pool of single-family residential loans. The CRE loans include a concentration of multi-family properties, primarily located in New York City.
Signature’s commercial real estate loan book totalled $35bn at the end of 2022. Its multi-family loan book totals $19.5bn.
The FDIC said it was reviewing the CRE loans secured by multi-family residences that are rent-stabilised or rent-controlled and for this portion of the portfolio would “reach out to state and local government agencies, as well as community–based organisations” while it develops its marketing and disposal strategy.
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