10/08/09 - Starwood Capital Leads Acquisition of Condo Portfolio

MIAMI, FL - Starwood Capital Group, along with TPG Capital, Perry Capital and WLR LeFrak, has reached an agreement with the FDIC to acquire an equity interest in a limited liability company which will hold the construction loans and real estate owned assets formerly belonging to Chicago-based Corus Bank, NA. The $4.5 billion portfolio consists of more than 100 loan and REO assets linked to high-quality condominiums, multifamily housing, office properties, and land, representing nearly 23 million square feet. The transaction, which represents one of the largest acquisitions of distressed commercial real estate assets, is valued at approximately $2.77 billion. Under the terms of the deal, the FDIC will own a 60 percent equity interest in Corus Construction Ventures, LLC.