Freddie Mac has purchased its first multifamily loan indexed to the Secured Overnight Financing Rate. The deal was arranged by CBRE.
Through its direct lending program as a Freddie Mac Optigo Lender, the brokerage firm orchestrated the refinancing of a $20 million bridge loan for Vintage Apartments, a 292-unit multifamily project in the Brookhollow/Inwood neighborhood of Houston, Texas. The loan was acquired by Freddie Mac late last month.
SOFR, an interest rate banks use to price US dollar-denominated derivatives and loans, is replacing LIBOR, the long-standing benchmark rate used worldwide.
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*May exclude premium contentRayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
