McLEAN, VA—Freddie Mac looked on with an unusual amount of pride as it closed the books on its latest $1.2 billion K-Deal: it has securitized more than $80 billion in multifamily mortgages through this program since its inception in 2009. "This is definitely a milestone for us," Mitchell Resnick, vice president of Freddie Mac Multifamily Capital Markets, tells GlobeSt.com.

The deal is telling in other regards as well. The offering was backed exclusively by LIBOR-based, floating rate multifamily mortgages with five- and seven-year terms. The GSE, in short, is doing more of these. "Borrowers seem to be more and more interested in taking out floating rate loans," Resnick says. "I could easily see us doing another floating rate transaction this year."

The pass-through K-deal was notable in another respect—it is becoming clear that there is less multifamily product to securitize. This is not an issue with Freddie Mac, but rather, Resnick says, a function of the amount of origination happening in the multifamily universe. "It is definitely lower this year," he says.