New Jersey Community Capital in New Brunswick won a Fannie Mae auction of nonperforming loans.
NJCC, a community development financial institution, acquired 71 high-occupancy loans, carrying about $10 million of unpaid principal balance, according to a Wednesday news release. The transaction is expected to close Oct. 26.
The auction was conducted as part of Fannie's Community Impact Pool program, which was designed to target nonprofit businesses, as well as minority- and women-owned businesses and small investors.
"We're proud to partner with New Jersey Community Capital to help neighborhoods stabilize and recover," Joy Cianci, Fannie's senior vice president of credit portfolio management, said in the release.
"This sale will reduce our holdings of nonperforming loans while giving homeowners additional options to avoid foreclosure," she said.
"We are thrilled for the opportunity to continue to expand [our] innovative foreclosure mitigation and prevention programs in Florida," Wayne Meyer of New Jersey Community Capital, said in the release.
Credit Suisse, Wells Fargo and Williams Capital Group advised Fannie Mae on the auction.
