A group led by Starwood Capital and TPG beat out seven other bidders to buy the assets of failed lender Corus Bankshares as investors scramble to acquire commercial real estate loans at a fraction of their face value.

The winning consortium, which also includes Perry Capital and WLR Lefrak, paid 60 cents on the dollar, the Federal Deposit Insurance Corp. said yesterday. The group will spend $554.4m for a 40% managing stake in a company set up by the FDIC to hold $4.5bn in mostly condominium loans, while regulator will keep a 60% holding.