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MAYOR BLOOMBERG, SENATOR SCHUMER, CONGRESSMAN SERRANO, SPEAKER QUINN AND FANNIE MAE ANNOUNCE HOUSING DEVELOPER LED BY MO VAUGHN WILL PURCHASE TROUBLED SOUTH BRONX HOUSING PORTFOLIO
Mayor Michael R. Bloomberg, Senator Charles E. Schumer, Congressman José E. Serrano, Council Speaker Christine C. Quinn, Deputy Mayor for Economic Development Robert C. Lieber, Department of Housing Preservation and Development (HPD) Commissioner Rafael E. Cestero and Fannie Mae Executive Vice President of Housing & Community Development Ken Bacon today announced that Omni New York LLC – led by former New York Met Maurice “Mo” Vaughn – has been chosen as the successful bidder for the debt on a portfolio of properties in the South Bronx owned by entities of the Ocelot Capital Group. The Ocelot entities, which have allowed the buildings to fall into a state of disrepair, recently defaulted on their mortgage, prompting foreclosure proceedings. To ensure the properties ended up in the hands of a responsible developer that would invest in and maintain the affordability of the units, HPD, Fannie Mae and Deutsche Bank worked collaboratively to identify viable bidders for the mortgages covering 14 of the original 25 buildings. The collateral for the current loan portfolio is made up of fourteen individual properties consisting of 416 units with mortgage debt totaling $23.8 million, which Omni has purchased from Fannie Mae and Deutsche Bank at a reduced price through the bidding process. Omni has committed to invest up to $1 million in emergency repairs and will work to obtain the deed to each of the properties in order to take title and become the long-term owner of each property.
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