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Starwood- Led Group Nabs Share of Corus Assets

The Federal Deposit Insurance Corp. chose a consortium led by Starwood Capital Group to purchase a portion of an LLC holding $4.5 billion of assets previously…

By Katie Hinderer - Midwest region editor of GlobeSt.com. | Updated on November 01, 2009

The Federal Deposit Insurance Corp. chose a consortium led by Starwood Capital Group to purchase a portion of an LLC holding $4.5 billion of assets previously owned by Corus Bank and seized by the FDIC in September. The group will pay $554 million for a 40% stake in the troubled real estate loans. The FDIC will own the balance.

The portfolio was valued at $4.5 billion and contains more than 100 loans and 23 million square feet of REO assets in a variety of property types. The group will get a stake in 102 properties, including 79 condominiums, 14 multifamily buildings, eight office facilities and one land development project, spanning markets like Los Angeles, Miami, Washington, DC, New York, Chicago and Atlanta.

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