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Freddie Mac prices $497M securitization of small balance loans

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Freddie Mac prices $497M securitization of small balance loans

Freddie Mac has priced an offering of $497 million of securitized multifamily small balance loans underwritten by Freddie Mac and issued by a third-party trust.

The SB47 certificates are expected to settle on or about March 27.

Freddie Mac is guaranteeing three senior principal and interest classes and one interest-only class of securities issued by the FRESB 2018-SB47 Mortgage Trust. The company is also acting as mortgage loan seller and master servicer to the trust. In addition to the three classes of securities guaranteed by Freddie Mac, 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.

The securitization is backed by 209 mortgages originated by Basis Multifamily Capital LLC, CBRE Capital Markets Inc., Greystone Servicing Corp. Inc., Pinnacle Bank, RED Mortgage Capital LLC, Sabal TL1 LLC and The Community Preservation Corp.

J.P. Morgan Securities LLC and Wells Fargo Securities LLC are acting as co-lead managers and joint book runners. Amherst Pierpont Securities LLC, Samuel A. Ramirez & Co. Inc., Stifel Nicolaus & Co. Inc. and Wells Fargo Securities are acting as co-managers for the offering.