Commercial/Multifamily Briefs Oct. 15, 2020

Enterprise Housing Credit Investments Closes $296M Equity Fund for Affordable Housing
Enterprise Housing Credit Investments, Columbia, Md., closed a $295.5 million multi-investor Low-Income Housing Tax Credit fund to support the creation of 2,657 housing units, most of which will be affordable, across 30 properties in 16 states.

Enterprise Housing Partners Fund XXXIII comprises 11 investors and is the largest housing credit fund closed to date in 2020 nationwide.

The 30 properties in the fund are spread across U.S. regions:
• Northeast (Massachusetts, New York, Connecticut, New Jersey)
• Mid-Atlantic (Maryland, Virginia, South Carolina)
• Midwest (Minnesota, Ohio, Wisconsin)
• Great Plains (Montana, North Dakota)
• Pacific Northwest (Oregon)
• South (Florida, Texas)
• Southwest (California)

More than half of the 30 properties in the fund include apartments designed and designated for individuals and families with special needs, including veterans, people experiencing homelessness and those with physical and developmental disabilities.

Freddie Mac Prices $535 Million Multifamily K-Deal
Freddie Mac, McLean, Va., priced a new offering of Structured Pass-Through K Certificate multifamily mortgage-backed securities. The company said it expects to issue $535 million in K Certificates (K-SG1 Certificates), which should settle on or about October 16, 2020.

Per the company’s sustainability bonds framework, the proceeds of Freddie Mac’s sustainability bonds will finance multifamily properties that finance affordable housing to low-to moderate-income families, may have features or be located in areas that further economic opportunity for residents and/or may include certain environmental impact features.

Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC served as Co-Lead Managers and Joint Bookrunners. CastleOak Securities L.P., Citigroup Global Markets Inc., Mizuho Securities USA LLC and Oppenheimer & Co. Inc. co-managed the process.