Miami-based Lennar Corp. is crossing over from traditionalsingle-family homes to the realm of commercial real estate by wayof its $243-million deal with the Federal Deposit Insurance Corp.The company says it bought two loan portfolios with an unpaidbalance of just over $3 billion.

Lennar subsidiary Rialto Capital Advisors, which will conductthe day-to-day management and workout of the portfolios,contributed up to $5 million toward the loan purchase. Lennarindirectly acquired 40% managing member interests in the limitedliability companies created to hold these loans.

The FDIC will retain the other 60% equity interest and provide$627 million of non-recourse financing at zero interest for sevenyears. The transactions include approximately 5,500 distressedresidential and commercial real estate loans, 90% of which arenon-performing, from 22 failed bank receiverships.