Caribbean Property Group and affiliates of Perella Weinberg Partners’ Asset Based Value Strategy have closed on a deal for a group of non-performing commercial, construction and real estate loans.

The loan portfolio is held by Banco Popular de Puerto Rico and has a book value of $540 million.

Under the terms of the deal, Banco Popular will provide an advance $35 million facility to cover cost-to-complete amounts and other projects. Banco Popular will also extend a $30 million working capital line to fund operating expenses. The bank will receive $99 million in cash, a $182 million note, and an equity interest in the buyers.

Caribbean Properties is a real estate investor based in New York. Perella Weinberg Asset Based Value Strategy provides specialty finance solutions and managed $2.1 billion in equity capital.

In March, Ocwen Financial Corp. agreed to buy a mortgage portfolio of $85 billion. Ocwen also won Residential Capital LLC’s assets with a $3 million bid in October.

For more on the real estate industry, see "Beyond Location."

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