http://multifamilyinvestor.com/fannie-mae-cancels-bronx-multifamily-auction/ New York / U.S. multifamily news & analysis. National apartment building deals. Sat, 13 Mar 2010 03:17:52 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://multifamilyinvestor.com/fannie-mae-cancels-bronx-multifamily-auction/comment-page-1/#comment-515 debt4equity Mon, 08 Mar 2010 18:00:11 +0000 http://multifamilyinvestor.com/?p=1244#comment-515 To make this property more attractive to potential non-profit or other preservation minded purchasers, Fannie Mae really should stay in this deal and not simply auction it off. Fannie Mae does not advertise the flexibility that they have to structure deals like this with responsible buyer/borrowers, but my organization deals with this daily and we know they can do it. However, before Fannie agrees to take the write down and let this project go, the new buyer is going to have to show a real and viable strategy for addressing the capital needs at the property. Once that is in place, I think Fannie Mae could do the right thing and help this project go to a responsible party. For all the tenants involved, let's hope this is the case. To make this property more attractive to potential non-profit or other preservation minded purchasers, Fannie Mae really should stay in this deal and not simply auction it off. Fannie Mae does not advertise the flexibility that they have to structure deals like this with responsible buyer/borrowers, but my organization deals with this daily and we know they can do it. However, before Fannie agrees to take the write down and let this project go, the new buyer is going to have to show a real and viable strategy for addressing the capital needs at the property. Once that is in place, I think Fannie Mae could do the right thing and help this project go to a responsible party.
For all the tenants involved, let’s hope this is the case.

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