A group of investors led by Starwood Capital Group and private equity firm TPG, formerly Texas Pacific Group, beat out seven rivals to win Chicago-based Corus Bank’s bankrupt $5 billion condo portfolio with a combined bid of $2.77 billion.
Starwood’s up-front stake was only $554 million, and hands the company and its investor partners 112 construction loans, more than two-thirds of which are in default or foreclosure. As a result, Starwood Capital quickly emerges as the condo king of South Florida and the once-hot and now-beaten markets like Las Vegas and California.
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