Dime Community Bank Completes US$280 Million Securitization
December 20, 2017
Dechert advised Dime Community Bank, a subsidiary of Dime Community Bancshares, Inc., as it completed a securitization of US$280 million of multifamily loans through a Freddie Mac sponsored "Q-deal" securitization. The Structured Pass-Through Certificates that were issued were purchased by the Bank as available-for-sale securities to enhance balance sheet liquidity and the Bank will continue to maintain the borrower relationships as the sub-servicer of the loans.
Representing the first such multifamily loan securitization for a bank headquartered in the metropolitan New York City marketplace, the securitization enables the Bank to achieve a number of strategic goals, including decreasing their commercial real estate concentration, increasing risk-based capital ratios and reducing their loan-to-deposit ratio, while also increasing overall balance sheet liquidity.
The Dechert team was led by global finance partner Devin Swaney and included associates Matthew Fischer, Gregory Renick and Stephen Tily.
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