A real estate company in South Florida has agreed to buy Sunnyside Bancorp in Irvington, N.Y.
DLP Real Estate Capital said in a press release Tuesday that DLP Bancshares, an affiliate based in St. Augustine, Fla., would pay about $12.3 million in cash for the parent of the $96.6 million-asset Sunnyside Federal Savings and Loan Association of Irvington. The deal is expected to close in the fourth quarter.
Fred Reinhardt, a consultant at DLP Real Estate Capital, would succeed Timothy Sullivan as Sunnyside Federal’s president and CEO provided regulators approve the deal. Reinhardt was chairman and CEO of Brickell Bank from 2012 to 2019.
Sunnyside Federal is expected to start offering commercial real estate financing, along with warehouse loans, on a national basis.
“Acquiring a bank is a natural segue to broadening and enhancing the offering of products and services to our current and future DLP family of investors, partners and customers,” Don Wenner, DLP Real Estate Capital’s CEO, said in the release.
“Sunnyside's focus on supporting the community with personal and business banking needs is a perfect fit with DLP's mission to create prosperity,” Wenner added.
Sunnyside Bancorp reported a net loss of $229,000 through the first nine months of 2020. The company lost $338,000 the prior year.
DLP Real Estate Capital offers equity and debt funds to high-net-worth investors, makes loans to investors in single-family and multifamily projects as well as to homebuilders, and also provides realty and property management services. The private company, with dual headquarters in Bethlehem, Pa., and St. Augustine, Fla., says it has around $100 million in annual revenue, roughly $1.3 billion of assets under management and more than 700 loans in its portfolio. The company has closed over 16,000 real estate transactions totaling more than $4 billion.
Keefe, Bruyette & Woods and Luse Gorman advised Sunnyside Bancorp. The Kafafian Group and Ballard Spahr advised DLP.
