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Freddie Mac prices $511M securitization of small balance loans

Freddie Mac has priced an offering of $511 million of securitized multifamily small balance loans underwritten by Freddie Mac and issued by a third-party trust.

The SB49 certificates are expected to settle on or about May 22.

Freddie Mac is guaranteeing five senior principal and interest classes and two interest classes of securities issued by the FRESB 2018-SB49 Mortgage Trust. Freddie Mac is also acting as mortgage loan seller and master servicer to the trust. In addition to the seven classes of securities guaranteed by Freddie Mac, the trust will issue multiple 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 208 mortgages originated mortgages originated by Arbor Agency Lending LLC, PennyMac Corp. and Sabal TL1 LLC.

J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the offering's co-lead managers and joint book runners. Amherst Pierpont Securities LLC, Credit Suisse Securities (USA) LLC, Multi-Bank Securities Inc., and Stifel Nicolaus & Co. Inc are acting as co-managers.