Lowenstein Sandler represented New Jersey Community Capital (NJCC) and its asset management subsidiary, National Community Capital, in acquiring and financing non-performing mortgages on 495 homes that were part of Fannie Mae's Community Impact Pool. Spread across nine states, the homes carried an unpaid total mortgage debt balance of over $117 million and were at risk of foreclosure. As part of the transaction, our clients will partner with the National Community Stabilization Trust and Hogar Hispano, two nonprofits that will team up with local housing counseling agencies to work one-on-one with the affected homeowners. This acquisition is one of many pursued under NJCC's groundbreaking ReStart program that, since its inception in 2012, has rescued more than 600 homeowners from foreclosure in New Jersey, Florida, New York, North Carolina, and South Carolina. The Lowenstein deal team included Jonathan C. Wishnia, Meagan R. Signoriello, and Brittany T. Esser.
February 9, 2018