Amerant sells $401M multifamily loan portfolio to Prime at ~$370M, $30M impairment

Amerant Bancorp Inc.

Amerant Bank sells $401M non-relationship multifamily CRE loans to Prime for ~$370M.
Expected closing by end of January 2024; customary reps, warranties, indemnification.
Records $30M pre-tax ($23M after-tax) non-cash charge in Q4 2023 attributable to the sale.
Loan portfolio sourced from Bank's Houston, TX commercial real estate portfolio.
Buyer is PFSS 2 SUB III (C), LLC, a subsidiary of a fund advised by Prime Finance Advisor.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Amerant Bancorp Inc. entered into Asset Sale Agreement with PFSS 2 SUB III (C), LLC ("Prime"), a wholly-owned subsidiary of a private commercial real estate finance fund advised by Prime Finance Advisor, L.P. valued at total purchase price of approximately $370 million (effective 2024-01-12).

Action: entry
Agreement: asset purchase
Counterparty: PFSS 2 SUB III (C), LLC ("Prime"), a wholly-owned subsidiary of a private commercial real estate finance fund advised by Prime Finance Advisor, L.P.
Value: total purchase price of approximately $370 million
Effective: 2024-01-12

Exact text from the filing

On January 12, 2024, Amerant Bank, N.A. (the "Bank"), a wholly-owned subsidiary of Amerant Bancorp, Inc. (the "Company"), and PFSS 2 SUB III (C), LLC ("Prime"), a wholly-owned subsidiary of a private commercial real estate finance fund advised by Prime Finance Advisor, L.P., an SEC-registered investment advisor, entered into an Asset Sale Agreement (the "Agreement").

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Amerant Bancorp Inc. filing history →

Source: SEC EDGAR

accession 0001734342-24-000004

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