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Article: Starwood Capital Group, TPG Capital and Perry Capital Lead Acquisition of $4.5 Billion Corus Bank Real Estate Assets.
- Article from:
- Business Wire
- Article date:
- October 7, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GREENWICH, Conn. & FORT WORTH, Texas -- Starwood Capital Group, TPG Capital, Perry Capital and WLR LeFrak today announced that they have reached a definitive agreement with the Federal Deposit Insurance Corporation (FDIC) to acquire an equity interest in a limited liability company (LLC) which will hold the construction loans and real estate owned (REO) assets formerly owned by 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 ...