FDIC Finds Buyer For Troubled $1.85B CRE Portfolio

deral Deposit Insurance Corp. (FDIC) has [link=http://www.fdic.gov/news/news/press/2010/pr10154.html]announced[/link] that Colony Capital Acquisitions LLC, based in Los Angeles, is buying a $1.85 billion portfolio of approximately 1,660 commercial real estate loans acquired by the FDIC as receiver of 22 failed bank receiverships. According to the FDIC, approximately half of the loans in this portfolio are delinquent. Seventy-three percent of the collateral in the portfolio is located in Nevada, California, Colorado, Arizona and Georgia. Under the terms of the transaction, Colony Capital Acquisitions will manage, service and ultimately dispose of the LLC's assets The Cogsville Group LLC, based in New York, was named Colony's junior equity partner in the transaction. SOURCE:

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