Paul Hastings Advises Oaktree Capital Management Funds on Purchase of FDIC CADC/RADC Loans
September 06, 2011
Los Angeles, CA --
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.
Paul Hastings LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.