SAN FRANCISCO, June 21 /PRNewswire/ -- Impact Funding LLC, a wholly-owned subsidiary of Impact Community Capital LLC, today announced that it has successfully closed a $302 million securitization of affordable multifamily mortgage loans. The securitization is officially known as "Impact Funding Affordable Multifamily Housing Mortgage Loan Trust 2010-1" and consists of 176 first mortgage loans on affordable multifamily properties located in 24 states, including 100 properties located in the State of California.
Barclays Capital, Inc. acted as initial purchaser, sole manager and bookrunner for the transaction. The securitization was rated by Standard & Poor's Ratings Services. Pacific Life Insurance Company is the master servicer and special servicer and Wells Fargo Bank, N.A. is the trustee for the securitization. Impact Community Capital LLC and its affiliates were represented in the securitization by Dechert LLP.
Impact 2010-1 is the third securitization transaction sponsored by Impact Community Capital LLC following its $40.3 million Impact Funding 2000-A LLC securitization and its $164.2 million Impact Funding 2001- A securitization. Impact Community Capital LLC's investments and investment commitments currently exceed $1 billion.
About Impact Community Capital LLC
Impact Community Capital LLC is a for-profit limited liability company formed in March 1998 for the purpose of fostering community investment, especially in lower income and underserved communities. The voting class members of Impact Community Capital LLC are: (i) Allstate Insurance Company, (ii) Farmers Insurance Exchange, (iii) Nationwide Mutual Insurance Company, (iv) Pacific Life Insurance Company, (v) SAFECO Insurance Company of America, (vi) State Farm Mutual Automobile Insurance Company, (vii) Teachers Insurance and Annuity Association of America and (viii) 21st Century Insurance Company. For more information on Impact Community Capital LLC, visit www.impactcapital.net.
SOURCE Dechert LLP