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FDIC Unloads $1 Billion in Loans

Colony winning bidder for interest in LLC

Jan. 8, 2010

By MortgageDaily.com staff


More than $1 billion in loans have been sold by the Federal Deposit Insurance Corporation. The loans were acquired from failed banks.

Colony Capital Acquisitions LLC was the winning bidder for a 40 percent equity interest in a newly formed limited liability company, an FDIC announcement today indicated. The other 60 percent is owned by 22 FDIC receiverships from banks that have failed during the past 18 months.

The sale reportedly closed yesterday.

Colony won out over 20 other bidders because its $90.5 million bid "was determined to be the offer that resulted in the greatest return to the participating receiverships." Bids were received on Dec. 17.

The investment vehicle for the transaction, Multibank Structured Transaction, includes 1,200 distressed commercial real estate loans for $1.02 billion. Three-quarters of the loans are backed by properties in Georgia, California, Nevada and Florida, while 70 percent of the loans are delinquent.

The receiverships financed the LLC by issuing approximately $233 million of corporate guaranteed notes.

As the LLC's managing equity owner, Colony will manage, service and ultimately dispose of the assets
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