Flagstar Bank is reducing its exposure to New York City multifamily properties. In the process, it’s reducing its exposure to Steve Croman, too. Flagstar sold notes with an original principal of $247 million to an affiliate of Bellwether Asset Management, PincusCo reported. The deal includes 38 loans tied to 49 of Croman’s properties, accounting for about 680 total units. All of the debt was originated by Flagstar’s predecessor, New York Community Bank, between 2015 and 2020. Properties are in a wide array of Manhattan neighborhoods, including the West Village, Murray Hill, Gramercy, Kips Bay, East Village and Alphabet City. Centennial […]

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