WASHINGTON, DC-The Federal Deposition Insurance Corp. is putting to bed a series of structured sales transactions with various private equity and banking interests. As is typical of these deals, the government agency is retaining a 60% stake in the newly formed LLC companies that were created to hold the assets. The FDIC did not return a call to GlobeSt.com in time for publication.

Cache Valley Bank in Logan, UT was the winning bidder of one pool called Western Residential Acquisition and Development with a purchase price of approximately 22.22% of the unpaid principal balance of nearly $279 million from nine failed bank receiverships. The FDIC offered 1:1 leverage financing to the LLC, which will issue a purchase money note to the FDIC in the original principal amount of $30.6 million. 

The FDIC also announced two other transactions that GlobeSt.com covered yesterday, providing new pricing and deal information. Cogsville Group, Colony Capital, WL Ross & Co. LLC, Invesco Ltd. and Mount Kellett Capital banded together to acquire two FDIC portfolios that hold more than 700 commercial real estate loans with an unpaid balance of $341 million, which originated from 14 now-failed financial institutions. One pool sold for 27% of the unpaid principal balance of $204 million.

The Cogsville Group of New York partnered with Colony to place the winning bidding structure for this transaction. Again, the FDIC offered 1:1 leverage financing to the LLC, which will issue notes in the original principal amount of approximately $28.5 million. More than 50% of these notes are non-performing and 82% of the collateral is located in Michigan. 

A third pool sold for 60.1% of the unpaid principal balance of approximately $137 million. Colony Milestone Co-Investment Partners in Los Angeles was the winner bidder, along with Cogsville, with whom it partnered. The FDIC will be receiving notes of approximately $42.6 million as receiver. This portfolio contains approximately 198 distressed commercial real estate loans, of which more than 38% are non-performing. Seventy-eight percent of the collateral in the portfolio is located in Utah. Colony will manage, service, and ultimately dispose of both of the LLCs’ assets.

This latest round of deals is illustrative of the FDIC’s effotts to make smaller pools of loans available, Tom Galli, an attorney with Greenberg Traurig, told GlobeSt.com in an earlier interview. He worked on this transaction as well as five out of the last six FDIC structured transactions that involved commercial real estate and land loan portfolios.