NEW YORK CITY-JPMorgan Chase said Tuesday that it has purchaseda $3.5-billion portfolio of performing multifamily and commercialreal estate loans from Citibank. Terms of the deal, which focuseson properties in California, Illinois and New York, were notdisclosed.
About 3,800 loans are included in the portfolio, the twocompanies said in a joint statement. For Chase, the acquisition isa “strategic addition” to its Commercial Term Lending business,which specializes in loans for moderately priced apartmentbuildings in stable markets.
For Citi, the deal means clearing $3.5 billion worth of non-coreassets off its books. The non-core business, known as CitiHoldings, currently represents less than 25% of Citi’s balancesheet. The banking giant says it will continue to pursue“divestiture opportunities.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
