McLEAN, VA-Freddie Mac has kicked off the year with its first K Certificates transaction for 2014, a $1 billion offering of Structured Pass-Through Certificates backed by fixed-rate multifamily mortgages with a 7-year term.

The deal is expected to price this week and settle on or about Jan. 28, 2014.

"Expect to see more 7-year deals this year," Mitchell Resnick, Freddie Mac Multifamily vice president of loan pricing and securitization, tells GlobeSt.com. Last year the GSE only offered two 7-year transactions but 2014 is shaping up to be different. Simply put, the 7-year paper is a reflection of what borrowers want now.

Otherwise the deal was business as usual for the GSE except, perhaps, for the eagerness to get it out of the door at the start of the week.

CREFC's conference is starting this weekend in Miami, Resnick notes and most of the structured finance community will be attending. "People are moving to get their deals out now so they are done and dusted by Friday."

The K-714 Certificates will be offered by a syndicate of dealers led by Barclays Capital and RBS Securities as co-lead managers and joint bookrunners. J.P. Morgan Securities, Jefferies, Mischler Financial Group, and Wells Fargo Securities, will serve as co-managers.

The offering is backed by 73 recently-originated multifamily mortgages and are guaranteed by Freddie Mac. It includes two senior principal and interest classes, a senior interest only class and a junior interest only class.