Commercial/Multifamily Briefs From Cohen & Steers, Fannie Mae

Cohen & Steers Forms Private Real Estate Group

Cohen & Steers, New York, an investment manager specializing in real assets and alternative income, formed the Cohen & Steers Private Real Estate Group, a team purpose-built for private real estate investing.

The Private Real Estate Group broadens the firm’s opportunity set to include the $15 trillion U.S. commercial real estate market that is private, representing more than 90 percent of the U.S. market not owned by listed REITs. The new capability will enhance the firm’s range of real estate strategies and its ability to provide clients with bespoke solutions.

The private team is led by Executive Vice President James Corl. Corl rejoined Cohen & Steers after spending the last eleven years as Head of Real Estate at Siguler Guff & Company LP, where he built a private real estate investment team that raised four dedicated opportunistic real estate private equity funds and invested $3 billion of capital. Prior to Siguler Guff, he was a key member of the real estate team at Cohen & Steers for eleven years, including four years as CIO of listed real estate.

Fannie Mae Prices $691 Million Multifamily DUS REMIC
Fannie Mae, Washington, D.C., priced a $691 million Multifamily Delegated Underwriting and Servicing REMIC under its Fannie Mae Guaranteed Multifamily Structures program on May 12, 2021.

FNA was the sixth Fannie Mae GeMS issuance of 2021.

“With the M13, Fannie Mae marks another milestone in the market’s transition away from LIBOR with its first CMBS backed by Secured Overnight Financing Rate-indexed collateral,” said Dan Dresser, Senior Vice President of Multifamily Capital Markets & Pricing. “The Group 1 collateral comprises our ARM 7-6 capped, floating-rate product, which has been SOFR-based since late 2020.”

Fannie Mae ceased purchasing and issuing LIBOR-based products and launched new SOFR-based offerings last year. the GSE said it will continue to prepare for legacy LIBOR contract conversion in 2023 and will share additional information about its LIBOR transition efforts and milestones to provide full transparency to all stakeholders.

The GSE guarantees all classes of FNA 2021-M13 with respect to the full and timely payment of interest and principal.