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.
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