In the second deal using a new system for failed-bank asset sales, the Federal Deposit Insurance Corp. said late Tuesday that four investors will receive FDIC financing to acquire a piece of Corus Bank.

The investors, led by Starwood Capital Group, will pay $554 million to own 40% of a new entity formed to acquire $4.5 billion of assets, containing mostly construction loans and real estate owned by the failed Chicago bank. The FDIC will pitch in the other 60%.

The agency will loan the new entity about $1.39 billion, leaving the venture with $2.77 billion to buy the assets from the Corus receivership. The ownership group will also have access to a $1 billion line of credit from the FDIC to help fund continuing construction projects that Corus had financed.

The transaction is the second example of the FDIC using financing for selling off failed-bank assets as part of a government effort to facilitate the sale of toxic assets. The agency announced a similar deal Sept. 16 involving $1.3 billion of assets from Franklin Bank, which failed in Houston in November.

Originally, the financing model had been explored as an FDIC plan to cleanse open banks of their troubled assets, but that plan has not gotten off the ground.

In addition to Starwood, the new venture includes TPG Capital Group, Perry Capital and WLR LeFrak, a joint venture of WL Ross & Co. LLC and LeFrak Organization. The deal is expected to close Oct. 15.

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