Per BISNOW, Signature Bank has reportedly laid off members of its commercial real estate lending team. These layoffs are expected to take effect at the end of the month, and there are indications that more layoffs may be on the horizon. Signature Bank was once the third-largest commercial real estate lender in New York City before it was seized by regulators. The bank's assets were subsequently acquired by Flagstar Bank, excluding its commercial real estate loan portfolio and multifamily loans. Newmark has been enlisted by the federal government to sell the remaining $60 billion in loans, with a significant portion tied to rent-stabilized multifamily properties that have experienced a decline in value. However, industry experts believe there are potential opportunities for other lenders to step in and acquire these loans, as many investors are actively looking to support one another in the market. JPMorgan Chase, for example, recently acquired most of the operations of First Republic Bank, which had a substantial portfolio of commercial and multifamily real estate loans.
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