Amerant Bank Enters Asset Sale Agreement with Prime Finance Advisor for $370M Transaction

Author: Benzinga Newsdesk | January 16, 2024 08:16am

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”). Pursuant to the Agreement, the Bank will sell to Prime, a loan portfolio of non-relationship multifamily commercial real estate loans with an estimated outstanding principal balance of approximately $401 million as of December 31, 2023 (the “Loan Portfolio”) from the Bank’s Houston, Texas commercial real estate loan portfolio. Pursuant to the Agreement, Prime will pay the Bank a total purchase price of approximately $370 million. The Agreement contains customary representations, warranties, covenants, closing conditions and indemnification provisions, and closing is expected to occur by the end of January 2024.

Posted In: AMTB