Banco Popular de Puerto Rico, a principal banking subsidiary of Popular Inc., has sold a non-performing portfolio of real estate loans with a balance of $381 million for $172.59 million. A venture of Goldman Sachs & Co., Caribbean Property Group and East Rock Capital acquired the portfolio of construction and commercial real estate loans. The bank retained a 24.9 percent stake in the venture and offered $86 million as seller financing. It secured $48 million in cash from its partners. Banco Popular will extend a $68.5 million advance facility to the joint venture to cover unfunded commitments. The bank will also provide a $20 million working capital line of credit to the venture to fund certain expenses.
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