McLEAN, VA—Freddie Mac has completed two single-sponsor multifamily K-Deals this year following a period of a year or more in which it didn't do any. There was no particular reason why the GSE didn't bring this particular flavor of K-Deal to market other than the obvious: it didn't have enough paper or market demand for the product to securitize it.

That, though, is clearly changing.

Its most recent offering, announced this week, was an offering of $734.5 million in K Certificates primarily backed by student housing properties owned by funds managed by Kayne Anderson Real Estate Advisors, LLC. The certificates, which are expected to price this week, are backed by 17 recently-originated multifamily mortgages and are guaranteed by Freddie Mac.

Last month the GSE announced it would issue approximately $1.2 billion in K Certificates backed by properties owned by Lone Star Funds. These are backed by 11 recently-originated multifamily mortgages and are guaranteed by Freddie Mac.

"The single sponsor execution is an important strategic tool for our borrowers and we expect more opportunities in the future for these types of transactions," Mitchell Resnick, vice president of Freddie Mac Mulitfamily Capital Markets, says in a prepared statement.

Freddie Mac was unable to return a call to GlobeSt.com in time for publication.

The last major deal in which Freddie Mac securitized paper for a single sponsor was in 2013 when it brought to market a $959 million offering backed by floating rate multifamily mortgage loans owned by GSG Residential Portfolio LP. It was, at the time, Freddie Mac's first offering that combined floating rate mortgages from a single sponsor. In previous transaction Freddie Mac settled offerings with collateral from a single sponsor and a separate transaction with only floating rate mortgages.