Federal investigators are looking into past financial transactions of major apartment developer Robert C. Morgan and his companies.

It remains unclear whether the probe is reviewing Morgan specifically or his companies, but the FBI has issued subpoenaes as part of the investigation. Officials are allegedly looking into how Morgan's companies funded acquisitions, in addition to information Morgan provided to lenders in order to obtain commercial mortgages for several developments, Buffalo News reports.

An estimated 150 CMBS loans, all of which were securitized in post-financial-crisis transactions, worth $1.7B in debt have been exposed by the Fed's inquiry. Many of the loans were sourced through Freddie Mac, including 59 loans totaling $874.6M. All of these loans are current in payments and none have been identified as risky or problematic, Kroll Bond Rating Agency reports.

Among the highest loan exposure is a $47.6M North Street Portfolio loan, which is secured by two multifamily properties situated in Pittsburgh and Chicago. The second-largest loan was a $45.8M loan backed by Rochester Village Apartments at Park Place in Pittsburgh, Trepp reports.

Morgan Communities was founded in 1979 and operates more than 140 multifamily properties across 14 states, including Texas, Louisiana, Alabama, South and North Carolina, Tennessee, Kentucky, Indiana, Illinois, Ohio, Pennsylvania, New York and Delaware.