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Kansas City Firm Buys $760 Million FDIC Portfolio

Kansas City-based Mariner Real Estate Management, LLC, (MREM) a real estate investment and management firm, purchased a portfolio of $760 million in real estate loans in a structured deal with the Federal Deposit Insurance Corp.

The portfolio includes approximately 1,100 residential and commercial acquisition and development loans located in approximately 24 states from 20 banks.

Mariner Real Estate is part of Mariner Holdings, LLC, a $7 billion wealth and asset management company.

MREM acquired a 40% managing member interest for about $52 million in the limited liability company created by the FDIC to hold all of the loans and REO assets. The FDIC is retaining the remaining 60% equity interest.

The FDIC provided the newly formed entity 1:1 leverage, through the issuance of approximately $105 million in nonrecourse, 0% interest financing and a $25 million advance facility for working capital needs. MREM funded the money needed for this project though two of its funds, Mariner Real Estate Partners, LLC and Mariner Real Estate Partners II, LLC.

Cohen Financial, based in Chicago, is providing loan administration and asset management services.

Cohen Financial provides an array of loan servicing, asset management and default management services to third parties and is a rated Primary and Special Servicer as part of Standard & Poor’s Select Servicer group.

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