NYCB and Meridian Rode the Property Boom Together. Now They're Struggling.

Every weekday morning, an executive received a call from a commercial mortgage broker. The broker would provide a rundown of loans to building owners that he had sourced for the banker’s company. The close relationship between the two companies was unusual in the industry. They rode the New York property boom together, but their fortunes have now shifted in a new era of higher rates and tumbling building valuations.