SaleJun 29, 2026, 06:04 PM
OceanFirst Bank Sells $1.3B Multifamily Loans
AI Summary
OceanFirst Financial Corp. announced that its subsidiary, OceanFirst Bank N.A., has completed the previously announced sale of $1.3 billion in multifamily loans. This strategic move aims to rebalance the bank's Commercial Real Estate and Multifamily exposure and significantly reduce its risk associated with NYC rent-regulated properties. The sold portfolio, largely in the New York City metropolitan area, included approximately 1,400 loans, with $736 million subject to rent regulations. Following the sale, the company's exposure to loans with greater than 50% rent-regulated units will be less than 2.5% of total assets.
Key Highlights
- Completed sale of $1.3 billion in multifamily loans.
- Portfolio included approximately 1,400 multifamily loans.
- $736 million of the sold portfolio had rent-regulated exposure.
- Post-sale, rent-regulated exposure is less than 2.5% of total assets.
- Loans were originally acquired through the Flushing Bank merger.
Price Impact
More from OCFC