Commercial/Multifamily Briefs from Freddie Mac, Brookfield Asset Management

Freddie Mac Prices $232 Million in Multifamily Structured Credit Risk Notes

Freddie Mac, McLean, Va., priced a new offering of Multifamily Structured Credit Risk notes, Series 2021-MN2.

The MSCR (pronounced M-SCORE) program is designed to reduce Freddie Mac’s exposure to mortgage credit risk and support affordable rental housing. MSCR transactions transfer to private investors a portion of the credit risk on two categories of eligible multifamily mortgage loans: loans that back certain fully guaranteed securities issued by Freddie Mac through its participation certificate securitization program (PC Loans) and loans that are originated in connection with Freddie Mac’s multifamily targeted affordable housing tax-exempt bond credit enhancement program (BCE Loans). The GSE prices $232 million in MSCR notes on July 21.

The MSCR Notes are unsecured and unguaranteed mezzanine classes issued by a trust.

Wells Fargo Securities LLC and BofA Securities Inc. served as Co-Lead Managers and Joint Bookrunners. Drexel Hamilton LLC co-managed the process.

Brookfield Asset Management Privatizes Brookfield Property Partners

Brookfield Asset Management, New York, completed its previously announced acquisition of all of the limited partnership units of Brookfield Property Partners LP and the exchangeable limited partnership units of Brookfield Office Properties Exchange LP.