A South Florida real estate company has agreed to buy Sunnyside Bancorp in Irvington, NY
DLP Real Estate Capital said in a press release on Tuesday that St. Augustine, Fla.-based subsidiary DLP Bancshares would pay about $12.3 million in cash for parent company Sunnyside Federal Savings and Loan Association of ‘Irvington, with assets of $96.6 million. The transaction is expected to close in the fourth quarter.
Fred Reinhardt, a consultant at DLP Real Estate Capital, would succeed Timothy Sullivan as president and CEO of Sunnyside Federal, provided regulators approve the deal. Reinhardt served as Chairman and CEO of Brickell Bank from 2012 to 2019.
Sunnyside Federal is expected to begin offering commercial real estate financing, as well as warehouse loans, nationwide.
“Acquiring a bank is a natural transition to expanding and enhancing the product and service offerings to our current and future family of investors, partners and DLP customers,” said Don. Wenner, CEO of DLP Real Estate Capital, in the release.
“Sunnyside’s focus on supporting the community for personal and business banking needs aligns perfectly with DLP’s mission to create prosperity,” Wenner added.
Sunnyside Bancorp reported a net loss of $229,000 in the first nine months of 2020. The company lost $338,000 the previous year.
DLP Real Estate Capital offers equity and loan funds to high net worth investors, provides loans to investors in single-family and multi-family projects as well as home builders, and also provides real estate and property management services. The privately-held company, which is dual-headquartered in Bethlehem, Pennsylvania, and St. Augustine, Florida, says it has about $100 million in annual revenue, about $1.3 billion in assets under management and over 700 loans in its portfolio. The company has completed over 16,000 real estate transactions totaling over $4 billion.
Keefe, Bruyette & Woods and Luse Gorman advised Sunnyside Bancorp, while The Kafafian Group and Ballard Spahr advised DLP.