Commercial/Multifamily Briefs Sept. 16, 2021

Freddie Mac Prices $1.1 Billion Multifamily K-Deal
Freddie Mac, McLean, Va., priced a new offering of Structured Pass-Through K Certificates backed by underlying collateral consisting of fixed-rate multifamily mortgages with predominantly 10-year terms.

The company said it expects to issue $1.1 billion in K-131 Certificates, which should settle on or about September 17.

Goldman Sachs and Co. LLC and Wells Fargo Securities LLC served as Co-Lead Managers and Joint Bookrunners. Academy Securities Inc., Amherst Pierpont Securities LLC, Deutsche Bank Securities Inc. and Piper Sandler & Co. co-managed the process. Fitch Ratings Inc. and DBRS Inc. were the ratings agencies.

Fannie Mae Prices $210 Million Multifamily DUS REMIC

Fannie Mae, Washington, D.C., priced a $210 million Multifamily Delegated Underwriting and Servicing Real Estate Mortgage Investment Conduit under its Fannie Mae Guaranteed Multifamily Structures program on September 10.

FNA 2021-M18 marks the ninth Fannie Mae GeMS issuance of 2021.

“This Hybrid ARM product provides long-term flexible financing for small building owners and prepayment protection for investors during the fixed-rate period,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. “Although the program is a smaller component of our Multifamily portfolio, it expands opportunity for smaller apartment building owners nationwide, providing them with alternatives to traditional, fixed-rate financing.”

Fannie Mae guarantees all classes of FNA 2021-M18 with respect to the full and timely payment of interest and principal.