The Federal Deposit Insurance Corporation (FDIC) closed on the sale of a series of loan portfolios late this month from banks that failed over the past 20 months according to a CoStar report.
In one transaction, FDIC sold 40% equity interest in a newly formed LLC to hold assets with an unpaid principal balance of approximately $204 million to ColFin Milestone North Funding, LLC. A similar deal was finalized with Milestone Co-Investment Partners, L.P. for 40% equity in the FDIC Multibank CRE Venture Loan and REO Structured Transaction which holds assets with an unpaid principal balance of approximately $137 million. Additionally, the the Western Residential Acquisition and Development pool, with roughly $279 million in assets, saw 40% sold to Cache Valley Bank of Logan, Utah. In each deal FDIC will retain 60% equity interest in the LLCs and share in returns on the assets.
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