Freddie Mac has priced a $444 million offering of SB46 certificates, a multifamily mortgage-backed securitization backed by small-balance loans underwritten by the company and issued by a third-party trust.
The certificates are expected to settle on or about Feb. 27.
The company is guaranteeing two senior principal and interest classes and one interest-only class of securities issued by the FRESB 2018-SB46 Mortgage Trust. Freddie Mac is also acting as mortgage loan seller and master servicer to the trust. The trust will issue certificates consisting of class B and class R certificates, which will not be guaranteed by Freddie Mac and will be sold to private investors.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC are acting as co-lead managers and joint book runners of the offering. Co-managers are Amherst Pierpont Securities LLC, Credit Suisse Securities (USA) LLC, Drexel Hamilton LLC and Stifel Nicolaus & Co. Inc.