Roughly seven months since Toll Brothers' subsidiary Gibraltar Capital and Asset Management closed on its first deal, the distressed asset acquisition and management unit is at it again. Toll Brothers management announced Thursday that the wholly owned subsidiary partnered with Deutsche Bank to purchase a $200 million distressed loan portfolio.

According to the company, its Gibraltar unit controls a majority interest in the venture and will be responsible for the management and disposition of the 83 nonperforming loans included in the portfolio. The bulk of the loans are residential AD&C loans on assets located in nine states and Washington, D.C. The average loan size is $2.4 million.

In a press release, Toll CEO Doug Yearley stated, "This is Gibraltar's second portfolio transaction involving real estate assets, which now total nearly $2 billion. We continue to seek opportunities to leverage Toll Brothers' expertise, relationships, well-known brand name, nationwide presence, and capital access to undertake complex transactions where we can maximize the value of underperforming real estate assets."

Toll management first formed its Gibraltar unit in July 2010 and executed on its first deal, a joint venture with Oaktree Capital Management to acquire AmTrust Bank's nearly $1.7 billion in troubled real estate loans and properties from the FDIC, in August.

Many industry stakeholders believe the deal will provide future upside to Toll's financials, most likely beginning in 2012.

But just how much upside is the question for some industry watchers. At this point, there are many unknowns, from what price the distressed assets ultimately will fetch from how many of those assets will find their way back into Toll's home building business.

Lennar has offered some idea of how the deal might eventually flow down for Toll. During its most recent quarter, Lennar saw an $11 million benefit to its balance sheet last quarter thanks to its distressed asset unit, Rialto. Moreover, 15% of the 56 new communities the company acquired during the quarter were sourced from Rialto.

However, it's important to note that the Rialto income had more to do with some financial accounting adjustments rather than actual transactions. Most of the gains came from the foreclosure of assets, where when the company acquired the REO assets, it assessed a higher fair value of the assets on its books than the price at which it purchased the assets.