A consortium led by Starwood Capital Group purchased a 40% equity stake in a $4.5 billion pool of construction and real estate loans left over from Corus Bank's failure last month, federal regulators said Tuesday evening.

The Federal Deposit Insurance Corp. said the assets are effectively being valued at 60 cents on the dollar, and as part of the deal the agency will retain a 60% stake in the portfolio of both performing and nonperforming loans.

The Starwood-led consortium, which was one of eight bids submitted for the portfolio, is also made up of TPG Capital, Perry Capital and WLR LeFrak. The FDIC said the deal is expected to close Oct. 15.

Documents released by the FDIC said the agency's 60% stake in the portfolio is worth $831.6 million.

-By Michael R. Crittenden, Dow Jones Newswires; 202-821-2159; michael.crittenden@dowjones.com