Freddie Mac on Monday announced its first K-deal that includes a manufactured housing community loan.
The $1.1 billion offering of structured pass-through securities is expected to settle on Dec. 16. It is the government-sponsored enterprise’s sixteenth K-deal of the year.
“By adding MHCs to our loan products, we are bringing new liquidity and needed competition to the MHC space,” said Mitchell Resnick, a vice president at Freddie Mac, in a press release. “Many of these communities are an important source of affordable housing in their markets.”
The securities, which are guaranteed by Freddie Mac, are backed by 96 multifamily mortgages.
Wells Fargo Securities and Merrill Lynch, Pierce, Fenner Smith are serving as joint book runners for the offering. Guggenheim Securities, Morgan Stanley and Stern Brothers will serve as co-managers.