McLEAN, VA-Freddie Mac announced its fifth multifamily K Certificates transaction for 2013 – and its twelfth featuring seven-year paper. In short, it is business as usual for the GSE even as Washington forces gather to realign its lending mission.
These securities are all backed exclusively by fixed-rate multifamily mortgages with a 7-year term. Freddie Mac expects to offer approximately $1.4 billion in K Certificates, which are expected to price this week, and settle on or about April 23, 2013.
The K-712 Certificates are backed by 74 recently-originated multifamily mortgages and are guaranteed by Freddie Mac. The K-712 Certificates include two senior principal and interest classes, a senior interest only class and a junior interest only class.
The K-712 Certificates will be offered to the market by a syndicate of dealers led by J. P. Morgan Securities LLC and Wells Fargo Securities, LLC as co-lead managers and joint bookrunners. Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Guggenheim Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated will serve as co- managers.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
