{"id":791903,"date":"2024-12-03T08:32:38","date_gmt":"2024-12-03T13:32:38","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/valley-national-bank-closes-on-the-sale-of-nearly-1-billion-of-commercial-real-estate-loans-to-brookfield-asset-management\/"},"modified":"2024-12-03T08:32:38","modified_gmt":"2024-12-03T13:32:38","slug":"valley-national-bank-closes-on-the-sale-of-nearly-1-billion-of-commercial-real-estate-loans-to-brookfield-asset-management","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/valley-national-bank-closes-on-the-sale-of-nearly-1-billion-of-commercial-real-estate-loans-to-brookfield-asset-management\/","title":{"rendered":"Valley National Bank Closes on the Sale of Nearly $1 Billion of Commercial Real Estate Loans to Brookfield Asset Management"},"content":{"rendered":"
\n

NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) — Valley National Bancorp (NASDAQ: VLY<\/strong>) (\u201cValley\u201d), the holding company for Valley National Bank (the \u201cBank\u201d), announced that the Bank closed on the sale of a diverse pool of performing commercial real estate mortgage loans to Brookfield Asset Management (NYSE: BAM, TSX: BAM<\/strong>) (\u201cBrookfield\u201d), a global alternative investment manager. The final loan pool sold had contractual balances totaling approximately $925 million, of which approximately $823 million had been previously identified and transferred to held for sale as of September 30, 2024. The loan pool was sold at a discount of approximately one percent to par value, and Valley will retain customer-facing servicing responsibilities.<\/p>\n

Ira Robbins, Chairman and Chief Executive Officer of Valley, commented, \u201cThe sale of this performing commercial real estate loan pool has helped to accelerate progress towards our strategic balance sheet goals. Throughout the year we have patiently monitored loan sale opportunities in the context of our deep understanding of the intrinsic value of our assets, and the unique dynamics of the markets that we serve. This deliberate approach resulted in only a modest transaction discount to par, exclusive of other selling costs, which further reflects the strength and desirability of our diverse commercial real estate portfolio. Brookfield is one of the leading asset managers in the global markets, and we are excited to have partnered together on this mutually beneficial transaction.\u201d<\/p>\n

Bill Powell, Brookfield Managing Partner, Credit, said, \u201cBrookfield\u2019s acquisition of Valley\u2019s portfolio of high quality, performing loans is strategic for both parties and demonstrates our ability to step in as an alternative lender to provide creative, flexible capital solutions. We\u2019re thrilled to partner with Valley on the first part of what we expect will be a long-term partnership.\u201d<\/p>\n

In the fourth quarter 2024, Valley expects to recognize an incremental immaterial net loss related to the approximate one percent discount on loans that had not been previously moved to held for sale as of September 30, 2024, and traditional transaction-related expenses. Morgan Stanley & Co. LLC served as sole advisor to the Bank on the transaction.<\/p>\n

\n About Valley<\/strong>\n <\/p>\n

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with over $62 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices in New Jersey, New York, Florida, Alabama, California, and Illinois and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley\u2019s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.<\/p>\n

\n About Brookfield Asset Management<\/strong>\n <\/p>\n

Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world \u2014 including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles. For more information, please visit https:\/\/bam.brookfield.com.<\/p>\n

\n Forward Looking Statements<\/strong>\n <\/p>\n

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management\u2019s confidence and strategies and management\u2019s expectations about Valley\u2019s business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as \u201cintend,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cview,\u201d \u201copportunity,\u201d \u201callow,\u201d \u201ccontinues,\u201d \u201creflects,\u201d \u201ctypically,\u201d \u201cusually,\u201d \u201canticipate,\u201d \u201cmay,\u201d \u201cestimate,\u201d \u201coutlook,\u201d \u201cproject,\u201d or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Valley\u2019s actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to those risk factors disclosed in Valley\u2019s Annual Report on Form 10-K for the year ended December 31, 2023.<\/p>\n

\n Media Contact: <\/strong>\n <\/p>\n

Rachel Wood
Rachel.wood@brookfield.com<\/a><\/p>\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Contact:<\/strong>\n <\/td>\n\n Travis Lan <\/strong>
\n
\n Executive Vice President and <\/strong>
\n
\n Deputy Chief Financial Officer<\/strong>
\n
\n (973) 686-5007<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) — Valley National Bancorp (NASDAQ: VLY) (\u201cValley\u201d), the holding company for Valley National Bank (the \u201cBank\u201d), announced that the Bank closed on the sale of a diverse pool of performing commercial real estate mortgage loans to Brookfield Asset Management (NYSE: BAM, TSX: BAM) (\u201cBrookfield\u201d), a global alternative investment manager. The final loan pool sold had contractual balances totaling approximately $925 million, of which approximately $823 million had been previously identified and transferred to held for sale as of September 30, 2024. The loan pool was sold at a discount of approximately one percent to par value, and Valley will retain customer-facing servicing responsibilities. Ira Robbins, Chairman and Chief Executive Officer of Valley, commented, … <\/p>\n

Continue reading “Valley National Bank Closes on the Sale of Nearly $1 Billion of Commercial Real Estate Loans to Brookfield Asset Management”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-791903","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nValley National Bank Closes on the Sale of Nearly $1 Billion of Commercial Real Estate Loans to Brookfield Asset Management - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/valley-national-bank-closes-on-the-sale-of-nearly-1-billion-of-commercial-real-estate-loans-to-brookfield-asset-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Valley National Bank Closes on the Sale of Nearly $1 Billion of Commercial Real Estate Loans to Brookfield Asset Management - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) — Valley National Bancorp (NASDAQ: VLY) (\u201cValley\u201d), the holding company for Valley National Bank (the \u201cBank\u201d), announced that the Bank closed on the sale of a diverse pool of performing commercial real estate mortgage loans to Brookfield Asset Management (NYSE: BAM, TSX: BAM) (\u201cBrookfield\u201d), a global alternative investment manager. 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