Blackstone, Square Mile Complete Purchase of Mortgages From FDIC
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Blackstone Group LP and real estate investment firm Square Mile Capital Management LLC completed the purchase of $385 million of hotel mortgages from the U.S. Federal Deposit Insurance Corp.
The mortgages are backed by 45 lodging properties and were held by Silverton Bank N.A., New York-based Square Mile said in a statement. The Atlanta-based bank was seized and shut by the FDIC in 2009.