OceanFirst completes $1.3B sale of NYC multifamily loans to reduce rent-regulation exposure

OceanFirst completed the sale of $1.3 billion of multifamily loans, materially reducing its exposure to NYC rent-regulated properties.Key Highlights:Original SEC Filing: OCEANFIRST FINANCIAL CORP [ OCFC ] - 8-K - Jun. 29, 2026This is an AI-powered summary. It may contain inaccuracies. Consider veri…

OceanFirst completed the sale of $1.3 billion of multifamily loans, materially reducing its exposure to NYC rent-regulated properties.

Key Highlights:

Sold portfolio of more than 1,400 multifamily loans with aggregate balance of $1.3 billion.
Portfolio largely in the New York City metro area; $736 million of sold loans had rent-regulated collateral.
Sale price aligned with initial valuation estimates disclosed at acquisition announcement.
After the sale, loans with >50% rent-regulated units represent less than 2.5% of total assets.
BofA Securities served as exclusive financial advisor and selling agent; Morgan Lewis was legal counsel.

Original SEC Filing:

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.