Bank listed 10-building portfolio with some loans made post-2019
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- Flagstar Financial is selling a portfolio of loans tied to 10 rent-stabilized buildings in the Bronx, with some originating after a 2019 New York state law effectively capped rents in those buildings.
- The portfolio includes 272 units and six commercial spaces, with about 88 percent of units being rent-stabilized, and the average rent is $1,625.
- Flagstar is working to reduce its multifamily loan portfolio and has stated it will curtail future loans tied to rent-stabilized buildings, no longer using mortgage brokers.
Flagstar Financial is still trying to pare down its books…