Santander in a joint venture with the FDIC, as receiver for Signature Bride Bank, N.A., in its investment in and management of a $9 billion portfolio of multifamily real estate assets

On December 20, 2023, SBNA Investor LLC, an entity controlled by Santander Bank, National Association, entered into a joint venture with the Federal Deposit Insurance Corporation as receiver of Signature Bridge Bank, N.A, for the management and servicing of a $9 billion portfolio of multifamily real estate assets.  Santander will hold a 20% stake in the joint venture, while the FDIC will retain an 80% stake.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Santander.