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WASHINGTON, DC-Last week the Federal Deposit Insurance Corp. executed what has become a now routine transaction: that is, a partnership stake sale in which the investor or investors participate in the upside.

In this case, the bidders agreed to pay $445 million– 59 cents on the dollar–for a 40% equity stake in a portfolio consisting of 1,660 commercial property loans held by 22 now-defunct banks that is valued at $1.85 billion. It was very similar to the handful of others that have closed and included a repeat participant, Colony Capital.

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