Santander Bank is now servicing 100% of the assets in a $9 billion portfolio of New York-based, multifamily real estate assets formerly owned by Signature Bank. In December 2023, Santander Bank closed a transaction with the Federal Deposit Insurance Corporation to participate in a joint venture that will manage this portfolio following the failure of Signature Bank. Santander Bank acquired a 20 percent equity stake of the joint venture for $1.1 billion.

Michael Lee, senior executive vice president and managing director of commercial banking at Santander Bank, will serve as CEO and managing member of the multifamily joint venture and Diego Gonzalez has been named chief operating officer. Gonzalez has been with Santander Bank for nearly seven years and previously served in various leadership positions in strategy and corporate development spanning the U.S. and Mexico.

“Santander Bank has a $13.5 billion multifamily real estate portfolio and is a leading multifamily bank real estate lender in the United States,” Lee said. “We’re well positioned to service this portfolio and look forward to serving as a financial partner to these clients today and in the future.”

In addition to changes to Lee and Gonzalez’s role, Santander Bank named Ellen Marshall head of corporate and middle-market banking. Marshall previously led middle-market banking in New York and New Jersey for the bank and has served in a succession of leadership roles at Santander Bank, Capital One, CIT Group and Fleet Bank.

“Building great teams is a top priority for the commercial bank as we simplify to accelerate execution and focus on the most profitable client relationships. I am confident that, under Ellen’s leadership, we will drive growth across all geographical and vertical markets and deliver tailored solutions to clients and prospects by leveraging a combination of our local expertise and Santander’s global capabilities,” Lee said.