N.Y. private equity firm buys 94 bank-owned homes in Chicago

N.Y. private equity firm buys 94 bank-owned homes in Chicago

$2.1M deal part of Fannie Mae pilot program

October 02, 2012|By Mary Ellen Podmolik | Tribune reporter
    •  39
  • A New York private equity firm has bought 96 distressed properties in Chicago as part of a pilot program by Fannie Mae.
A New York private equity firm has bought 96 distressed properties in Chicago as part of a pilot program by Fannie Mae. (Karen Bleier/AFP/Getty Images)

A New York-based private equity firm has purchased 94 homes in the Chicago area from Fannie Mae as part of a pilot program to sell foreclosed properties in bulk in hard-hit housing markets.

The Cogsville Group LLC, which focuses primarily on distressed real estate, paid approximately $2.1 million for its equity interest in the homes under a joint venture with the Federal Housing Finance Agency.