Paul Hastings LLP, a leading global law firm, announced today that the firm represented funds managed by Oaktree Capital Management L.P. in the acquisition of a 50% equity interest in an entity formed by the Federal Deposit Insurance Corporation (FDIC) in its receivership capacity to hold certain performing and non-performing commercial and residential acquisition, development and construction loans made by various failed financial institutions.
The FDIC auctioned off the loan portfolios, which included approximately 197 commercial acquisition, development and construction loans with an aggregate unpaid principal balance of approximately $187,000,000 and approximately 395 residential acquisition, development and construction loans with an aggregate unpaid principal balance of approximately $267,000,000. The winning bidder was Los Angeles, CA-based Acorn Loan Portfolio Private Owner VI, LLC, which is a joint venture between Calista Corporation, FACP Mortgage Investments, LLC and certain funds managed by Oaktree Capital Management, L.P.
Philip Feder, chair of the Real Estate practice and real estate partner Robert Keane led the Paul Hastings team, which included partner Derek Roth and associates John Chi, Dan Hick and Elena Branzburg.
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