South Florida real estate company agreed to buy Sunnyside Bancorp in Irvington, NY

DLP Real Estate Capital said in a press release Tuesday that DLP Bancshares, a subsidiary based in St. Augustine, Fla., Would pay approximately $ 12.3 million in cash to the parent company of the Sunnyside Federal Savings and Loan Association of ‘Irvington, assets of $ 96.6 million. The deal is expected to be finalized in the fourth quarter.

Fred Reinhardt, consultant at DLP Real Estate Capital, would succeed Timothy Sullivan as chairman and CEO of Sunnyside Federal, provided regulators approve the deal. Reinhardt was 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.

“The acquisition of a bank is a natural consequence of expanding and improving the product and service offering to our current and future DLP family of investors, partners and customers,” said Don Wenner, CEO of DLP Real Estate Capital, in the statement.

“Sunnyside’s focus on supporting the community with 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 provides equity and debt funds to high net worth investors, provides loans to investors in single and multi-family projects as well as home builders, and also provides real estate and property management services. The privately-held company, headquartered in Bethlehem, Pa., And St. Augustine, Florida, says it has annual sales of about $ 100 million, about $ 1.3 billion. assets under management and over 700 loans in its portfolio. The company has completed more than 16,000 real estate transactions totaling more than $ 4 billion.

Keefe, Bruyette & Woods and Luse Gorman advised Sunnyside Bancorp, while Kafafian Group and Ballard Spahr advised DLP.