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Freddie Mac prices $1.5B offering of structured pass-through certificates

Freddie Mac priced a $1.5 billion offering of structured pass-through certificates backed by fixed- and floating-rate multifamily mortgages with seven- and 10-year terms.

The K-GS1 certificates are backed by 34 properties indirectly controlled by Greystar Real Estate Partners, LLC. The offering is expected to settle on or about Dec. 20.

The certificates will not be rated and will include two senior principal and interest classes, two interest only classes and one class entitled to static prepayment premiums. The certificates are backed by corresponding classes issued by the FREMF 2017-KGS1 Mortgage Trust and guaranteed by Freddie Mac. The trust will also issue certificates consisting of class B-FL, B-FX, C-FL, C-FX and R certificates, which will be subordinate to the classes backing the K-GS1 certificates and will not be guaranteed by Freddie Mac.

Co-lead managers and book runners are J.P. Morgan Securities LLC and Wells Fargo Securities LLC. Co-managers are CastleOak Securities LP, Credit Suisse Securities (USA) LLC, Hunt Financial Securities LLC and Nomura Securities International Inc.