OceanFirst Financial Corp. Completes Previously Announced Sale of $1.3 Billion of New York City Multifamily Loans
OceanFirst completed the previously announced sale of a $1.3 billion portfolio of multifamily loans, largely concentrated in the NYC metropolitan area, to reduce exposure to rent regulation risk. The sale included approximately 1,400 loans, of which $736 million were subject to rent regulations, bringing the company's total exposure to such assets below 2.5% of total assets.
Key figures
- Total assets
- $23 billion
- Loans sold count
- 1400
- Portfolio sale balance
- $1.3 billion
- Rent regulated sold balance
- $736 million
- Remaining regulated exposure pct
- 2.5%
AI analysis
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