New Jersey Community Capital was the winning bidder of Fannie Mae's sixth Community Impact Pool auction of nonperforming loans.
This makes five of those six auctions where New Jersey Community Capital or an affiliate has been the winning bidder. The latest pool included 158 loans secured by properties located in New York and New Jersey with an unpaid principal balance of approximately $26 million.
There was an average loan size of $164,360, a weighted average note rate of 5.29%, a weighted average delinquency of 46 months and a weighted average broker's price opinion loan-to-value ratio of 93.46%. The bid was 50.2% of the unpaid principal balance.
The transaction is expected to close on May 23. Fannie Mae marketed this offering with Bank of America Merrill Lynch and The Williams Capital Group.