© Reuters. FILE PHOTO: A person waits for a teller at a Signature Bank branch in New York City, U.S., March 13, 2023. REUTERS/David ‘Dee’ Delgado
(Reuters) -Blackstone is the frontrunner to win the $17 billion portfolio of commercial property loans from the sale to the U.S. Federal Deposit Insurance Corporation (FDIC). signature bank (OTC:) debt, Bloomberg News reported on Sunday.
In September, the FDIC was looking for buyers for failed New York lender Signature Bank’s $33 billion commercial real estate loan portfolio.
The bidding process has attracted several financial companies such as Starwood Capital Group and Brookfield Asset Management (TSX:), according to the Bloomberg report.
The FDIC hired Newmark Group (NASDAQ:) in March to sell about $60 billion of Signature Bank loans, after state regulators decided to shut down the failed lender amid turmoil at regional banks earlier this year.
The FDIC declined to comment on the report. “We only comment on sales after they close. The full sale of the portfolio has not yet closed,” he said.
Blackstone (NYSE and Newmark Group did not immediately respond to requests for comment.
