A consortium of investors organized by Colony Capital has acquired two portfolios of distressed assets from the Federal Deposit Insurance Corp. 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. Los Angeles-based Colony, led by Chairman Tom Barrack, already has won four other portfolios of FDIC mortgages valued at more than $3 billion, making it the largest winner of multiple deals according to a Wall Street Journal article.
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 said it acquired the two portfolios of 1,505 residential and commercial loans for 23.6 cents on the dollar.
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