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Trio of FDIC Portfolios Sold

Investors pick up 40% interest in 3 FDIC portfolios for $620 million

Dec. 21, 2010

By staff

The Federal Deposit Insurance Corp. sold three portfolios with more than $600 million in residential acquisition-and-development loans and commercial mortgages.

Colony Milestone Co-Investment Partners, L.P., closed on an investment in a $137 million pool of 198 commercial real estate loans. The loans, 38 percent of which are non-performing, were accumulated from FDIC-insured bank failures.

The deal was structured as limited liability company, FDIC Multibank CRE Venture Loan and REO Structured Transaction 2010-2, in which Colony acquired a 40 percent interest and the FDIC retained a 60-percent interest. The LLC was issued $43 million in purchase-money notes.

A 40-percent equity interest in another LLC was sold to partners ColFin Milestone North Funding LLC and The Cogsville Group LLC. The LLC, FDIC Multibank CRE Venture Loan and REO Structured Transaction 2010-2, Northern Pool, will issue $29 million in purchase money notes to the FDIC.

The LLC includes 557 CRE loans for $204 million that were accumulated from the failure of 12 banks. Around half the notes are performing. More than 80 percent of the properties securing the loans are located in Michigan.

The FDIC's biggest deal of the day -- the $279 million Western Residential Acquisition and Development pool of the 2010-2 Multibank Structured Transaction -- was made up of 761 distressed residential A&D loans. Around half the loans are delinquent.

Utah's Cache Valley Bank was the winning bidder, acquiring 40 percent of the LLC for an amount equal to around 20 percent of the unpaid principal balance. A $31 million purchase-money note was used in the transaction.

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