OceanFirst dumps $1.4B rent-stabilized loan book days after Flushing merger
One week after closing its biggest acquisition to date, OceanFirst Financial is moving quickly to shed one of the deal’s biggest risks: New York City rent-stabilized multifamily. The New Jersey-based bank plans to sell roughly $1.4 billion of multifamily loans inherited through its acquisition of Flushing Financial Corp., a portfolio that represents the bulk of Flushing’s rent-regulated apartment exposure, Bisnow reported. OceanFirst said the sales are expected to close before the end of the second quarter, effectively removing most of its ties to a property sector lenders are finding increasingly difficult to stomach. The move follows OceanFirst’s $579 million acquisition […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
Billionaire Kwek Leng Beng’s CDL Outbids Rivals With $422
Million Offer For Prime Singapore Site
Technology Helping Address Construction Labor
Shortage
Pocket listings face another setback as New York advances
crackdown
Brandon Miller’s East Village project lands first office
tenants
Your Pool Is an Asset—It’s Also a Lawsuit Waiting to
Happen
Inside the Search: The Pipes Burst During the Final
Walkthrough. He Bought the House Anyway.
Anyone Can Flip a House After Hearing This
“Un-f*cking-believable”: Actors hired for landlord “zombie”
demonstration say they feel manipulated
Housing Notes: Some streets in the Hamptons just hit
different
Pied-à-terre tax rollout poses enforcement, compliance
hurdles:“Shock to the luxury real estate market”
