The Federal Deposit Insurance Corporation (FDIC) has closed on a sale of a 40 percent equity interest in a limited liability company (LLC) created to hold assets with an unpaid principal balance of approximately $762 million from 20 failed bank receiverships. The winning bidder of the Multibank Structured Transaction is Mariner Real Estate Partners, LLC, Leawood, Kansas, (Mariner) with a price of 30.93 percent of the unpaid principal balance.
As an equity participant, the FDIC will retain a 60 percent stake in the LLC and share in the returns on the assets. The FDIC offered 1:1 leverage financing and will issue Purchase Money Notes through the LLC in the original principal amount of $109 million. The sale was conducted on a competitive basis with the FDIC receiving a total of eight bids from five bidders for either a 40 percent leveraged ownership interest or a 20 percent unleveraged ownership interest in the newly-formed LLC.
The FDIC as receiver for the failed banks will convey to the LLC a portfolio of approximately 1,062 distressed residential and commercial acquisition and development loans, of which more than 80 percent are delinquent. Collectively, the loans have an unpaid principal balance of $762 million. Fifty-nine percent of the collateral in the portfolio is located in Colorado, Utah, California, Idaho, Nevada, and Washington. As the LLCs managing equity owner, Mariner will manage, service and ultimately dispose of the LLCs assets.
The bid received from Mariner was determined to be the offer that resulted in the greatest net return to the participating receiverships. All of the loans were from banks that failed during the past 25 months.
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