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Freddie Mac prices $518M multifamily small-balance loan securitization

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Freddie Mac prices $518M multifamily small-balance loan securitization

Freddie Mac priced an offering of multifamily mortgage-backed securitization backed by small-balance loans.

The SB57 certificates are set to settle on or about Dec. 20.

The loans, which typically range from $1 million to $6 million and are backed by properties with five or more units, are underwritten by Freddie Mac and issued by a third-party trust.

Freddie Mac expects to guarantee approximately $518 million in certificates.

The company is guaranteeing five senior principal-and-interest classes and one interest-only class of securities issued by the FRESB 2018-SB57 Mortgage Trust. The trust will also issue class B and class R certificates, which Freddie Mac will not guarantee. These class B and R certificates will be sold to private investors.

Wells Fargo Securities LLC and Amherst Pierpont Securities LLC are acting as co-lead managers and joint book runners for the offering, while FTN Financial Capital Markets, Multi-Bank Securities Inc., Stifel Nicolaus & Co. Inc. and SunTrust Robinson Humphrey Inc. are acting as co-managers.