Dime Community Bank’s $280 Million Securitization


Dechert advised Dime Community Bank, a subsidiary of Dime Community Bancshares, Inc., as it completed a securitization of US$280 million of multifamily loans through a Freddie Mac sponsored “Q-deal” securitization.

The Structured Pass-Through Certificates that were issued were purchased by the Bank as available-for-sale securities to enhance balance sheet liquidity and the Bank will continue to maintain the borrower relationships as the sub-servicer of the loans.

Representing the first such multifamily loan securitization for a bank headquartered in the metropolitan New York City marketplace, the securitization enables the Bank to achieve a number of strategic goals, including decreasing their commercial real estate concentration, increasing risk-based capital ratios and reducing their loan-to-deposit ratio, while also increasing overall balance sheet liquidity.

The Dechert team was led by global finance partner Devin Swaney (Picure) and included associates Matthew Fischer, Gregory Renick and Stephen Tily.

Involved fees earner: Devin Swaney – Dechert; Matthew Fischer – Dechert; Gregory Renick – Dechert; Stephen Tily – Dechert;

Law Firms: Dechert;

Clients: Dime Community Bank;

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Author: Ambrogio Visconti