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First Foundation completes $548M securitization of multifamily loans

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First Foundation completes $548M securitization of multifamily loans

Financial services firm First Foundation Inc. completed a securitization of about $548 million of its multifamily loans through a Freddie Mac-sponsored "Q-deal" securitization.

First Foundation's unit, First Foundation Bank, purchased the structured pass-through certificates, inclusive of the associated interest-only certificates, that were issued in the securitization. First Foundation Bank will continue to maintain the borrower relationships as the sub-servicer of the loans.

PNC Capital Markets LLC was the sole lead manager and book runner on the transaction, and Dechert LLP provided legal counsel to First Foundation Bank.