OceanFirst Financial Corp. has completed the previously announced sale of $1.3 billion of multifamily loans, largely in the New York City metropolitan area and mostly subject to NYC rent regulations. The sold portfolio consisted of approximately 1,400 multifamily loans, of which $736 million had rent-regulated exposure. The portfolio was originated by Flushing Bank and acquired by OceanFirst through its merger on June 1, 2026. Following the sale, the company’s exposure to loans with greater than 50% rent-regulated units represents less than 2.5% of total assets. CEO Christopher Maher said the transaction rebalances the company’s commercial real estate and multifamily exposure while meaningfully reducing rent regulation risk.
OceanFirst Financial Corp.OceanFirst completed the sale of $1.3B in multifamily loans, reducing rent regulation risk and rebalancing its portfolio.
Flushing Financial CorporationThe sold loans were originated by Flushing Bank, indicating reduced demand for its originated multifamily loans in NYC.