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Alternative Assets  + Real Estate  |  December 4, 2024
Brookfield Acquires $1B of Valley Bank CRE Loans
Joe Palmisano
By: Joe Palmisano

Brookfield Acquires $1B of Valley Bank CRE Loans

Valley National Bancorp announced the sale of a diverse pool of performing commercial real estate mortgage loans to Brookfield Asset Management. The final loan pool sold had contractual balances totaling approximately $925 million, with around $823 million previously identified for sale as of September 30, 2024.

The holding company for Valley National Bank said the loan pool was sold at a discount of about 1% to par value, and Valley will retain servicing responsibilities.

CEO Ira Robbins stated that the sale aligns with Valley’s strategic balance sheet goals, noting the transaction’s modest discount reflects the strength of their portfolio.

Brookfield’s managing partner, Bill Powell, highlighted the strategic nature of the acquisition for both parties. Valley expects to recognize an immaterial net loss in the fourth quarter due to the discount and transaction-related expenses.

The deal was advised by Morgan Stanley and is expected to close in the fourth quarter of 2024. Valley National Bank is a regional institution with over $62 billion in assets operating across six states.

Read More News Stories About: Brookfield Asset Management
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Valley National BancorpBrookfield Asset Management

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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