SaleJun 30, 2026, 06:07 AM

OceanFirst Sells $1.3B NYC Multifamily Loan Portfolio

AI Summary

OceanFirst Financial Corp. announced the completion of the previously disclosed sale of $1.3 billion of multifamily loans. This portfolio, largely in the New York City metropolitan area and subject to rent regulations, was acquired through the recent merger with Flushing Financial Corporation. The company stated this strategic move rebalances its Commercial Real Estate and Multifamily exposure and significantly reduces its risk related to rent-regulated properties.

Key Highlights

OceanFirst completed the sale of $1.3 billion in multifamily loans.
The portfolio consisted of over 1,400 multifamily loans.
Loan collateral with rent-regulated exposure accounted for $736 million of the sold portfolio.
The sold portfolio was acquired through the merger with Flushing Bank on June 1, 2026.
Post-sale, exposure to rent-regulated units is less than 2.5% of total assets.
BofA Securities served as exclusive financial advisor and selling agent.

View SEC Filing

OCFC

Major Banks

OCEANFIRST FINANCIAL CORP

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