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Freddie Mac Prices New Structure For Affordable Housing

McLEAN, VA--"K-SKY marks a new endeavor for Freddie Mac Multifamily and latest innovation in our flagship K-Deal program.”

By Erika Morphy | erikamorphy | Updated on September 13, 2017

Freddie Mac headquarters

MCLEAN, VA–Freddie Mac has priced a new $550 million offering of K Certificates backed by floating-rate multifamily mortgage bonds with a ten-year term. The K Certificates, called K-SKY Certificates for this transaction, are backed by Sky Apartments in New York, NY, the largest residential tower in the US.

The transaction collateral is part of Freddie Mac’s single-asset, single borrower execution but this particular structure is notable because it is the largest-ever single-asset tax-exempt financing completed by Freddie Mac. Essentially the deal was structured as a private placement that included a direct purchase of tax-exempt and taxable variable rate bonds issued by the New York State Housing Finance Agency with plans to securitize those bonds.

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