McLEAN, VA-Freddie Mac is on a roll: the GSEhas debuted its fourteenth Structured Pass-Through Certificate, orK-Certificate, for the year, this one for $1.2 billion. The GSEexpects to price the K-Certificate on the week of October 15th andsettle on or about November 8th.
This offering is very much a bread-and-butter deal for FreddieMac—meaning it is the GSE’s standard issue multifamilysecuritization. The offering, K-021, is backed by81 recently-originated multifamily mortgages and, as usual,guaranteed by Freddie Mac. It includes two senior principal andinterest classes, one senior interest only class and a juniorinterest only class.
A syndicate led by Merrill Lynch, Pierce, Fenner &Smith and J.P. Morgan Securities are theco-lead managers and joint bookrunners. Credit SuisseSecurities, Jefferies & Co., Morgan Stanley andWells Fargo Securities will serve as co-managers.Fitch Ratings and Morningstar CreditRatings are rating the three senior classes.
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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.
