Brookfield, FirstSun Close on Sale of $890M in Multifamily Loans
FirstSun Capital Bancorp, the holding company for Sunflower Bank, has closed on the sale of performing multifamily commercial real estate mortgage loans acquired from First Foundation Bank to entities affiliated with Brookfield Asset Management. Terms were not disclosed. The loans sold had contractual balances totaling approximately $890 million.
Bill Powell, managing partner in Brookfield’s Credit Group, said, “The investment aligns with our focus on deploying flexible capital across high-quality real estate credit opportunities while supporting our partners’ growth and balance sheet objectives. It also highlights the scale and capabilities of Brookfield’s credit franchise, which has grown to more than $365 billion.”
The multifamily loan sale was announced as part of FirstSun’s acquisition of First Foundation, Inc., which closed in April. FirstSun expects to complete the remainder of its balance sheet loan downsizing before the end of the second quarter.
Stifel served as sole structuring agent to the bank and Dechert LLP acted as the bank’s legal advisor on the transaction. Kirkland & Ellis LLP and Brownstein Hyatt Farber Schreck LLP acted as legal advisors to Brookfield.
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Josh A
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