Freddie Mac announced last week that it had purchased 13 crossed mortgage loans covering 13 properties and 4,513 units from Deutsche Bank Berkshire Mortgage (DBBM) through a $500 million structured facility. The repeat borrower, Equity Residential (EQR), is the largest publicly traded owner of multifamily properties in the U.S.
The transaction was executed through Freddie Mac's Multi-Asset Crossed Facility, which provides immediate funding for acquisition or refinance of a portfolio of assets. The facility is one of three conventional structured facility products offered by Freddie Mac.
The properties, located in California, Arizona, Washington, Florida and Virginia, were all built between 1985 and 2002 and have between 140 units and 652 units.
Almost two-thirds of the units are rented at levels that are affordable to residents with low or moderate incomes, Freddie Mac adds.
SOURCE: Freddie Mac