Private investment firm Starwood Capital Group, Greenwich, Conn., has purchased a nonperforming commercial real estate (CRE)loan portfolio with an outstanding principal balance of $157 million from an undisclosed Midwest regional bank.

The portfolio was purchased for 40 cents on the dollar, representing approximately 32% of initial capitalization. The portfolio consists of 137 commercial loans with concentrations in Florida, Indiana, Michigan, North Carolina and Ohio. 

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