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Lubert-Adler weighs bid for US bank

The Philadelphia private equity real estate firm is reporting eyeing the Chicago lender Corus Bankshares, along with Colony Capital, JC Flowers and developer Related Co.

Lubert-Adler is considering bidding for all or part of the troubled lender Corus Bankshares, according to a Bloomberg report citing unnamed sources.

The Philadelphia-based firm is not the only private equity shop to consider bids for the bank, the report said. Colony Capital and JC Flowers are also reportedly in the mix, along with development firm Related Companies. The Wall Street Journal has previously reported that Starwood Capital is also bidding for Corus assets.

Chicago-based Corus, which has a $5.4 billion commercial real estate loan portfolio, lent heavily to the condominium construction sector in South Florida and other now-troubled housing markets. It could be seized by the Federal Deposit Insurance Corp. within the coming weeks.

Lubert-Adler were unavailable for comment at press time.

Many private equity real estate firms are looking at troubled banks and their assets. According to the Wall Street Journal report, Starwood founder Barry Sternlicht said during an investors conference call the firm could benefit from financing provided by the FDIC.