Blackstone Group and Square Mile Capital Management have acquired $385 million of hotel mortgages from the Federal Deposit Insurance Corporation, Bloomberg reports. The mortgages are backed by 45 lodging properties and were held by Silverton Bank, which the regulator shut in 2009. The loans in the Silverton portfolio will be serviced by Square Mile, a real estate investment firm. The price paid by Blackstone and Square Mile for the portfolio has not been disclosed.
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