Fannie Mae has selected Corona Asset Management XVIII, a subsidiary of private equity firm HMC Assets, as the winner of its fourth and latest "community impact" pool of nonperforming loans.
Corona delivered the winning bid on the pool of 80 loans in Miami, with an unpaid principal balance of $18.5 million. The firm's bid was 62.4% of the unpaid principal balance.
The pool carries a weighted average delinquency of 38 months. The average loan size is $230,845 and the weighted average note rate is 4.86%.
Fannie Mae's selection represents a break from past community impact pool auctions. This was the first of these pools not to be won by New Jersey Community Capital, a nonprofit community development financial institution.
The community impact pool program is designed to attract participation from nonprofits, smaller investors and minority- and women-owned businesses. A spokeswoman for Fannie Mae said that Corona qualified as a smaller investor.
