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Freddie Mac headquarters

McLEAN, VA–Freddie Mac is, once again, targeting affordable housing with a new initiative that uses its existing toolset. Essentially, the GSE is providing financing in exchange for the apartment owner keeping rents affordable.

It is doing this via is MultiAsset Commitment structure, which Freddie is using to purchase and aggregate up to $500 million in loan over a one-year period to allow the first user — Bridge Multifamily Fund Manager, an affiliate of Bridge Investment Group — to acquire and preserve workforce and affordable housing stock around the US. After the one-year term Freddie Mac will place the aggregated bonds in a single securitization and Bridge will be required to purchase the subordinate bonds. Wells Fargo will originate $400 million of the commitment and KeyBank will originate the remaining $100 million.

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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.

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