Colony Capital LLC said that a consortium of investors it organized had acquired from U.S. banking regulators two portfolios of distressed real estate loans for about $193 million.
The loans, which were for residential and commercial property acquisition, development and construction, had a total unpaid principal balance of $817 million.
The 1,505 loans were acquired from the Federal Deposit Insurance Corp. at 24 percent of the unpaid principal balance, and are being held in a new limited liability company. Under the deal, announced late Thursday, the FDIC retains a 50 percent equity interest in the assets.
Colony, which put some money in the purchase, will be in charge of disposing of the assets, working out settlements with the borrowers, foreclosing or reselling the loans. Colony’s public real estate finance company, Colony Financial Inc. contributed $5 million.
Colony Capital, the Santa Monica investment company led by billionaire Thomas J. Barrack Jr. has become the leading holder of distressed assets seized by the FDIC during the banking crisis. It previously won auctions for four other portfolios of FDIC mortgages valued at more than $3 billion.
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