(Bloomberg) -- The Federal Deposit Insurance Corp. hired real estate advisory firm Newmark Group Inc. to sell about $60 billion of Signature Bank loans, after the bank’s collapse into receivership amid turmoil that engulfed regional lenders. 

The sales of the pools of loans will likely take place over the next 90 days, according to people familiar with the matter, who asked not to be named discussing private information. The process will be handled by a team including Douglas Harmon and Adam Spies, Newmark’s co-heads of US capital markets, as well as co-presidents of debt and structured finance Dustin Stolly and Jordy Roeschlaub, and executive managing director John Howley, some of the people said.

Signature Bank’s deposits and some of its loans were assumed by a unit of New York Community Bancorp after Signature was seized by regulators earlier this month. About $60 billion of the bank’s loans were excluded from the deal, remaining in FDIC receivership pending a sale, the agency said at the time. Signature ended 2022 with $33.13 billion of commercial real estate loans, its annual report shows. 

Representatives for the FDIC and Newmark declined to comment. Shares in Newmark rose 5.65% at 11:02 a.m. in New York. The Wall Street Journal reported the news earlier.

Newmark offers services including real estate brokerage, leasing, landlord representation and property management. 

--With assistance from Natalie Wong and Katanga Johnson.

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