We advised Santander on the transaction

Davis Polk advised Santander Holdings USA, Inc. on its transaction with the Federal Deposit Insurance Corporation to participate in a joint venture that consists of a $9 billion portfolio of New York-based multifamily real estate assets retained by the FDIC following the failure of Signature Bank. Santander acquired a 20% equity stake in the joint venture for $1.1 billion at an attractive basis and will service 100% of the assets in the portfolio.

Santander Holdings USA, Inc. is a wholly owned subsidiary of Madrid-based Banco Santander, S.A., a global banking group with 166 million customers in the United States, Europe and Latin America. 

The Davis Polk financial institutions team included partner Luigi L. De Ghenghi and associates Andrew Rohrkemper and Zachary T. Stone. All members of the Davis Polk team are based in the New York office.