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Freddie Mac prices $1.3B multifamily mortgage-backed certificate offering

Freddie Mac has priced a $1.33 billion offering of structured pass-through certificates backed by multifamily mortgages.

The K-IR3 certificates, which are backed by by eleven properties in Irvine, San Diego, San Jose and Santa Clara, Calif., are expected to settle on or about Oct. 24.

The certificates are backed by corresponding classes issued by the FREMF 2017-KIR3 Mortgage Trust and are guaranteed by Freddie Mac, including $139.4 million of 3.0380% class A-1 and about $1.20 billion of 3.2810% class A-2 certificates. The trust will also issue class B and class R certificates, which will be subordinate to those backing the K-IR3 certificates and will not be guaranteed by Freddie Mac.

Merrill Lynch Pierce Fenner & Smith Inc. and J.P. Morgan Securities LLC are the offering's co-lead managers and book runners. Morgan Stanley & Co. LLC, Multi-Bank Securities Inc., Nomura Securities International Inc. and Wells Fargo Securities LLC are co-managers.