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Valley National Bank Closes Deal to Sell $925 Million Commercial Real Estate Loans to Brookfield Asset Management
Dec 03, 2024
Contract Type
contract
New YorkFinancial ServicesFinanceFintechLendingBanking
Description
Valley National Bank has successfully closed the sale of a diverse pool of performing commercial real estate mortgage loans totaling approximately $925 million to Brookfield Asset Management. The loan pool was sold at a discount of approximately one percent to par value, with Valley retaining customer-facing servicing responsibilities. This transaction marks significant progress towards Valley's strategic balance sheet goals.
Company Information
Company
Valley National Bancorp
Location
70 Speedwell Ave
New York, New York, United States
About
Valley National Bancorp is a New Jersey-based financial institution with a market capitalization of $4.95 billion. The bank has shown financial resilience, with a revenue of $1.58 billion in the last twelve months as of Q3 2024.