Freddie Mac has priced an offering of about $1 billion of structured pass-through certificates, which are multifamily mortgage-backed securities.

The K-724 certificates are backed by fixed-rate multifamily mortgages with primarily seven-year terms. The certificates are expected to settle on or about Jan. 25.

J.P. Morgan Securities LLC and Merrill Lynch Pierce Fenner & Smith Inc. are acting as co-lead managers and joint book runners. Drexel Hamilton LLC, Goldman Sachs & Co., PNC Capital Markets LLC and Wells Fargo Securities LLC are the co-managers for the offering.