Commercial/Multifamily Briefs June 18, 2020

Fannie Mae Prices $719.5M Multifamily REMIC

Fannie Mae, Washington, D.C., priced a $719.5 million multifamily Delegated Underwriting and Servicing real estate mortgage investment conduit on June 10.

Fannie Mae guarantees all classes of FNA 2020-M29 regarding the full and timely payment of interest and principal.

Freddie Mac Prices Two Securities

Freddie Mac, McLean, Va., priced two new securities offerings.

The GSE priced a new offering of structured pass-through “K Certificate” multifamily mortgage-backed securities. Freddie Mac said it expects to issue $729 million in K-1515 Certificates, which should settle on or about June 19. J.P. Morgan Securities LLC and PNC Capital Markets LLC served as Co-Lead Managers and Joint Bookrunners.

Freddie Mac also priced the SB75 offering, a multifamily mortgage-backed securitization backed by small balance loans underwritten by Freddie Mac and issued by a third-party trust. The company expects to issue $444 million in SB75 Certificates, which it expects will settle on or about June 19.

Freddie Mac Small Balance Loans generally range from $1 million to $7.5 million and are generally backed by properties with five or more units. This is the sixth SB Certificate transaction in 2020.

J.P. Morgan Securities LLC and Amherst Pierpont Securities LLC were the Co-Lead Managers and Joint Bookrunners.

Freddie Mac will guarantee four senior principal and interest classes and one interest-only class of securities issued by the FRESB 2020-SB75 Mortgage Trust. In addition to the five classes of securities guaranteed by Freddie Mac, the trust will issue certificates consisting of Class B and Class R Certificates with no Freddie Mac guarantee that will be sold to private investors.