Los Angeles-based Colony Capital is acquiring distressed assets of the Federal Deposit Insurance Corporation (FDIC), The Wall Street Journal reports. FDIC has awarded Colony two portfolios with $820 million of commercial and residential mortgages seized from failed banks.
The company has already received four other portfolios of FDIC mortgages valued at over $3 billion. Colony lost its bid on a $4.5 billion FDIC deal, which included real-estate assets of Chicago-based Corus Bank. The portfolio was awarded to a Starwood Capital-led group.
Click here for the story from The Wall Street Journal.