Fannie Mae holds quiet equity stake in $1B portfolio: sources

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Fannie Mae holds quiet equity stake in $1B portfolio: sources

Fannie Mae holds quiet equity stake in $1B portfolio: sources

“It’s a contradiction of their affordable housing mission,” said Tom Waters, housing policy analyst with the Community Service Society, on hearing of the equity stake.


Real Deal-

The government-sponsored enterprise Fannie Mae holds a confidential, $60 million equity stake in the 3,962-unit apartment portfolio that Urban American and other partners bought for $938 million in 2007, several sources told The Real Deal.

The stake remained under wraps even as housing advocates publicly pressured Fannie and the portfolio’s publicly-known owners, Urban American Management and the City Investment Fund, over what the advocates considered to be an overleveraged acquisition, during and after the prior real estate boom.

Fannie’s investment is only coming to light now because an affiliate of the global Toronto-based landlord Brookfield Asset Management is negotiating to buy a stake in the five parcel package, valued at just over $1 billion, sources said.

[THE REAL DEAL]

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2 Responses to “Fannie Mae holds quiet equity stake in $1B portfolio: sources”

  1. Marcie says:

    Nothing surprises me about the beasts, Fannie and Freddie. They need to be shut down or at least lose their government charter. Set them free Uncle Sam.

  2. Sarah says:

    Financial terrorism, pure and simple. The best “government” is one that works for Banksters.

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