Pacifica Pays $12.3 Million in Structured Deal for Fannie Mae REO


Pacifica Companies, LLC, San Diego, Monday afternoon was declared the winning bidder on a Fannie Mae bulk REO portfolio, paying just $12.3 million for a package of 699 Florida properties valued at $81.5 million.

The deal marks the first bulk REO pilot sale entered into by a GSE under the auspices of the Federal Housing Finance Agency.
However, in a statement, Fannie’s regulator actually values the deal at $78.1 million, taking into account terms where the GSE must also receive $49.3 million of additional revenue from a limited liability company that will own the single-family units.

In total, Fannie will receive 95.8% of the estimated value of the foreclosed homes which are located in Florida, the agency estimates. The units are occupied by a tenant or vacant.

Pacifica is entitled to an asset management fee of 20% on the units it owns.

FHFA has been negotiating with multiple bidders for several weeks now and was supposed to announce a winning bidder by the end of August.

In a statement the agency notes that the transaction is subject to “post closing conditions” which includes restrictions on how quickly the properties can be sold.

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