Wed Aug 20, 1:26 AM ET (Reuters) - A joint venture created by LandCap Partners is buying $40 million of troubled land and construction loans from Wachovia Corp (WB.N) The Wall Street Journal said.LandCap, a residential-land company headed by real-estate veteran Jeffrey Gault, has created a joint venture that will buy the loans which have a book value of $75 million to $80 million, the paper said citing people familiar with the deal.
The loans are to home developers and collateralized by 2,900 house lots, which are in varying stages of development, in states such as California, Arizona, Florida and Illinois, the paper said.
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