Freddie Mac priced its SB70 offering, a $412 million multifamily mortgage-backed securitization backed by small-balance loans underwritten by the company and issued by a third-party trust.
The SB70 certificates are expected to settle on or about Jan. 29.
Freddie Mac is guaranteeing three senior principal and interest classes and one interest-only class of securities issued by the FRESB 2020-SB70 Mortgage Trust. The company is also acting as mortgage loan seller and master servicer to the trust.
In addition to the four 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.
Wells Fargo Securities LLC and Amherst Pierpont Securities LLC are co-lead managers and joint book runners for the offering, while Cantor Fitzgerald & Co., Mischler Financial Group Inc., Stifel Nicolaus & Co. Inc. and SunTrust Robinson Humphrey are co-managers.