Freddie Mac priced an offering of approximately $715 million of structured pass-through certificates backed by floating-rate multifamily mortgages with seven-year terms.
The K-F68 certificates are expected to settle on or about Oct. 11. These will not be rated, and will include one senior principal and interest class, one interest-only class, and one class entitled to static prepayment premiums.
The K-F68 certificates are backed by corresponding classes issued by the FREMF 2019-KF68 Mortgage Trust and guaranteed by Freddie Mac. The trust will also issue class B, C and R certificates, which will be subordinate to the classes backing the K-F68 certificates and will not be guaranteed by Freddie Mac.
Amherst Pierpont Securities LLC and J.P. Morgan Securities LLC are acting as co-lead managers and joint book runners for the offering. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Drexel Hamilton LLC and Morgan Stanley & Co. LLC are co-managers.
