Miami-based Lennar Corp. is crossing over from traditional single-family homes to the realm of commercial real estate by way of its $243-million deal with the Federal Deposit Insurance Corp. The company says it bought two loan portfolios with an unpaid balance of just over $3 billion.

Lennar subsidiary Rialto Capital Advisors, which will conduct the day-to-day management and workout of the portfolios, contributed up to $5 million toward the loan purchase. Lennar indirectly acquired 40% managing member interests in the limited liability companies created to hold these loans.

The FDIC will retain the other 60% equity interest and provide $627 million of non-recourse financing at zero interest for seven years. The transactions include approximately 5,500 distressed residential and commercial real estate loans, 90% of which are non-performing, from 22 failed bank receiverships.