Private investment firm Starwood Capital Group, Greenwich, Conn., has purchased a non-performing commercial real estate loan portfolio with an outstanding principal balance of $157 million from an undisclosed Midwest regional bank.
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The portfolio was purchased for 40 cents on the dollar, representing approximately 32% of initial capitalization. The portfolio consists of 137 commercial loans with concentrations in Florida, Indiana, Michigan, North Carolina and Ohio.
Through its Starwood Global Opportunity Fund VIII, the company has now purchased three loan portfolios with an aggregate outstanding principal balance of $537 million.
