Deutsche Bank Sells $1B Worth of U.S. CRE Loans
By Isabelle Durso November 27, 2024 1:00 pm
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Deutsche Bank (DB) has sold $1 billion worth of loans related to commercial real estate in the U.S.
No further details about the sale were provided, but the bank had been trying to offload the loan portfolio since summer, according to Bloomberg, which first reported the news.
Spokespeople for Deutsche Bank did not immediately respond to requests for comment.
James von Moltke, Deutsche Bank’s chief financial officer, said the Germany-based lender had previously set aside about $24.3 million to prepare for the sale, Bloomberg reported.
Von Moltke also told Bloomberg in October that the transaction provides “further evidence of our view that commercial real estate has at least found a floor and is stabilizing.”
The news comes after Deutsche Bank provided a $149 million refinancing loan this week to developer Steiner NYC for a mixed-use property in the Brooklyn Navy Yard, as Commercial Observer reported.
The loan was for Steiner’s 8-acre Admirals Row development at 18 Bay Street, which is home to New York City’s first Wegman’s supermarket.
Isabelle Durso can be reached at idurso@commercialobserver.com.
