MCLEAN, VA-Freddie Mac is offering its fourth round of Structured Pass-Through certificates, or K Certificates, for the year. Pricing for the senior bonds–which total approximately $1 billion– is happening this week, David Brickman, Freddie Mac vice president of multifamily CMBS Capital Markets, tells The results will be enlightening, as this is the first large securitized deal in the multifamily since the events in Japan and Libya, he adds. Briefly, these global events created massive sell-offs, which secondary trading levels suggest are healed.

“This offering will be the first test to see if the markets are truly back,” Brickman says. “There are early indications that it is.” Strong demand also is indicative of the market’s support of this product, he says. The K-011 Certificates are backed by 76 recently originated multifamily mortgages and are guaranteed by Freddie Mac. It is similar in structure to previous offerings. “We have settled into a structure that we think is the one that works and investors like,” Brickman says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.