FDIC Announces Winning Bidder Of $1 Billion In Loans; No, It Wasn’t A $1 Billion Bid

How much would you pay for about a half interest in nearly 1,200 distressed commercial real estate loans, with an unpaid principal balance of $1.02 billion? Here are other facts about the loans: 70 percent are delinquent, and 75 percent of the collateral is located in Georgia, California, Nevada and Florida. Would you pay $500 million? $400 million? How about

$90.5 million? That’s what the FDIC announced today that it received earlier this week as a result of the sale of a 40 percent equity interest in a limited liability company it created to hold certain assets out of 22 failed bank receiverships. The winning bidder: Colony Capital Acquisitions, LLC, of Los Angeles, CA.