FDIC Closes $1.85bn Bulk Sale of Commercial Property

The Federal Deposit Insurance Corporation (FDIC) found a buyer for a $1.85bn portfolio of more than 1,600 commercial real estate loans acquired by the FDIC as receiver of 22 failed financial institutions, according to the buyers. Colony Capital and the Cogsville Group report buying the properties in the second largest bulk sale of commercial-property debt under a public private partnership to date. The portfolio consists of approximately 1,660 distressed commercial real estate loans, of which approximately 50% are delinquent.

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