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Structured Sales

Fannie Mae implemented a structured sales program that involved significant sales of real estate assets in the form of a pool sale and joint venture transaction. Sales of equity interests were limited to qualified investors.

See the structured sale historical data below.

Structured Sales Transactions Historical Data

These transactions are sales of Fannie Mae single-family real estate owned properties in structured arrangements that utilize the asset management experience of the private sector. Transactions may contain post-closing conditions such as periods during which assets are rented with restrictions on the amount of properties that may be sold. These transactions have the potential of stabilizing property maintenance standards and enhancing rental inventory of various markets. While a transaction may contain properties in different areas of one or more states, the properties within an area are geographically concentrated. These structured transactions include Sole Owner transactions, where investors acquire a sole economic interest in the assets subject to certain asset management requirements, and Joint Venture transactions where Fannie Mae and the investor own interests in future cash flows.

Fannie Mae Single Family Residential REO Rental Structured Transaction History

Sale ID SFR 2012-1
Florida
SFR 2012-1
Chicago
SFR 2012-1
U.S. West
Geography
of Properties I
Florida
(Central and Northeast,
Southeast, West Coast)
Chicago, Illinois Arizona, California, Nevada
Transaction
Closing Date II
9/6/2012 9/27/2012 11/01/2012
Property
Type III
Single Family Residential
(Tenant Occupied, Vacant)
Single Family Residential
(Tenant Occupied, Vacant)
Single Family Residential
(Tenant Occupied, Vacant)
No. of
Properties IV
699 94 970
Recent Third
Party Value V
($ Millions)
$81.5 $13.7 $156.8
Price Paid for
Bidder Interest VI, XI
($ Millions)
$12.3 $2.1 $34.1
Transaction
Value VII
($ Millions)
$78.1 $11.8 $176.0
Transaction
Value VIII
(%)
95.8% 86.2% 112.3%
Transaction
Structure IX
Modified Cashflow (2:1) Modified Cashflow (2:1) Modified Cashflow (2:1)
Interest
Sold X
10% of equity cashflow
shifting to 50% after Shift
Threshold of $49.31mm
10% of equity cashflow
shifting to 50% after Shift
Threshold of $8.39mm
10% of equity cashflow
shifting to 50% after Shift
Threshold of $136.47mm
Winning
Bidder
Pacifica L 47, LLC Cogsville Capital
Partners Fund I, LP
CSFR FM 2012-1
U.S. WEST, LLC
Winning
Bidder Address
1775 Hancock Street,
Suite 200
San Diego, CA 92110
461 Fifth Avenue,
12th Floor
New York, NY 10017
2450 Broadway,
Sixth Floor
Los Angeles, CA 90404
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