Freddie Mac priced its SB65 offering, a $555 million multifamily mortgage-backed securitization backed by small-balance loans underwritten by the company and issued by a third-party trust. The company expects the SB65 certificates to settle on or about Aug. 23.
Freddie Mac is guaranteeing five senior principal and interest classes and one interest-only class of securities issued by the FRESB 2019-SB65 Mortgage Trust. It is also acting as mortgage loan seller and master servicer to the trust.
In addition to the six classes of securities guaranteed by Freddie Mac, the trust will issue certificates consisting of class B and R certificates, which will not be guaranteed by Freddie Mac and will be sold to private investors.
Wells Fargo Securities LLC and J.P. Morgan Securities LLC are acting as co-lead managers and joint book runners for the offering. Multi-Bank Securities Inc., PNC Capital Markets LLC, Stifel Nicolaus & Co. Inc. and SunTrust Robinson Humphrey are acting as co-managers.