OceanFirst Financial Corp. Sells $1.4B in Multifamily Loans

By Chris Stiles • Monday, June 08 12:12 • Permanent Link

OceanFirst Financial Corp. said its bank subsidiary has agreed to sell $1.4 billion of multifamily loans, a deal that covers a majority of the multifamily loans it picked up in the Flushing Financial acquisition that closed June 1, 2026.

The sale will cut the bank’s commercial real estate concentration by $1.4 billion and remove most of its exposure to rent-regulated properties in New York City.

The company said the agreed purchase price matches the initial valuation estimates it disclosed when the Flushing deal was announced.

OceanFirst expects the loan sale to close by the end of the second quarter. The final amount sold will be adjusted for amortization, prepayments and other changes.

The bank said it plans to use the proceeds to buy highly liquid, investment-grade securities with yields similar to those on the loans being sold.

OceanFirst said it will provide more detail on the repositioning and its impact on the combined company in its second-quarter earnings release and conference call. Today the company's shares have moved -0.44% to a price of $18.06. For the full picture, make sure to review OCEANFIRST FINANCIAL CORP's 8-K report.

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