Colony Capital LLC on Monday said that it has partnered with Cogsville Group to purchase two commercial real estate portfolios of more than 700 loans from the Federal Deposit Insurance Corp.

The Santa Monica investment company led by billionaire Thomas J. Barrack Jr. said that the portfolios include distressed assets from 14 failed financial institutions put into receivership by the FDIC this year.

There are both performing and non-performing commercial real estate loans, mostly in the western and northern United States. The total unpaid principal balance is $341million. The purchase price was 27 percent and 60 percent of the unpaid principal balance of the loans for the North and West portfolios, respectively.

Colony Capital and New York-based private equity firm Cogsville said that so far this year they have acquired more than 2,300 such loans, totaling more than $2 billion.

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