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SANTA MONICA, CA-Locally based Colony Capital has acquired controlling interest in a $607 million portfolio of 760 loans secured by commercial real estate in 25 states throughout the US. Washington, DC-based shareholder Tom Galli of the law firm Greenberg Traurig, who represented Santa Monica-based Colony Capital in its acquisition of the controlling interest in the portfolio, tells GlobeSt.com that the structured transaction involved a public-private partnership between Colony Capital and the FDIC in its capacity as receiver for 42 failed banks.
Galli explains that Colony acquired a 40% stake (the controlling interest) in a newly created entity to which the FDIC contributed the loan portfolio, and in which the FDIC retains the remaining 60% interest. In the transaction, the FDIC provided financing of $164 million.
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