About 10 investors are expected to submit bids to the Federal Deposit Insurance Corp by Friday for $5bn in condominium loans and other property held by the failed Corus Bank, in a key test of US commercial real-estate values.

The government-run auction, with loans backed by more than 100 real-estate developments, is the largest bulk sale of commercial-property assets since the financial crisis erupted. Bidders are looking at some of the highest-profile condo projects in the US, scattered from the waterfront Paramount Bay in Miami to Juhl in downtown Las Vegas.

Wall Street Journal