""Freddie Mac"":http://www.freddiemac.com/ is at it again offering another round of the multifamily mortgage-backed securities known as K Certificates.[IMAGE]
The company expects to offer approximately $538 million in K Certificates (K-AIV Certificates), which are backed by 19 multifamily properties owned by affiliates of Apartment Investment & Management Company.[COLUMN_BREAK]
The K Certificates are expected to price this week and settle on or around June 9.
This is Freddie Mac's first K deal that is backed by multiple loans from a single borrower. More deals of this variety may be brought to the market periodically, says David Brickman, Freddie Mac's national head of multifamily and commercial mortgage-backed securities capital markets unit.
""It's the continuing evolution of K deals, which includes loans on conventional, student, senior and targeted affordable multifamily properties,"" Brickman says.
The first single-loan K Certificate from a single borrower was the March 2010 K-SCT transaction backed by the Starrett City property in Brooklyn.
Freddie Mac brought to market six K deals this year, including K-AIV, with an issuance size of about $1 billion each.