Conventional Structured Financing and Collaborative Effort Aids Refinance of 13 Properties
| Name: | 13 properties |  |
|---|---|---|
| Loan/Deal Type: | California, Arizona, Washington state, Florida, and Virginia | |
| Number of Units: | Freddie Mac Multi-Asset Crossed Facility | |
| Loan Amount: | 4,513 units | |
| Location: | $500 million |
This transaction provided EQR with competitive loan terms, as well as certainty of execution, in the midst of a challenging credit environment.
Kip Kimble
director, Deutsche Bank Berkshire Mortgage
Freddie Mac purchased 13 crossed mortgage loans covering 13 properties and 4,513 units across the country from Deutsche Bank Berkshire Mortgage (DBBM) through a $500 million structured facility. The repeat borrower, Equity Residential (EQR), is the largest publicly traded owner of multifamily properties in the United States.
The properties are located in California, Arizona, Washington state, Florida, and Virginia. The transaction benefited from the Freddie Mac Multi-Asset Crossed Facility, one of three conventional structured facility products Freddie Mac offers.
"This transaction provided EQR with competitive loan terms, as well as certainty of execution, in the midst of a challenging credit environment. The full-term, interest-only 10-year financing for a modestly leveraged loan was highly valuable to EQR," said Kip Kimble, director at DBBM. "The collaborative effort of Freddie Mac and Deutsche Bank Berkshire Mortgage was critical in resolving issues all along the way. We were very pleased with Freddie Mac's quick and creative addressing of the myriad issues in closing 13 loans simultaneously."
The Freddie Mac Multi-Asset Crossed Facility provides immediate funding for acquisition or refinance of a portfolio of assets. Our structured facility products can be paired up with many of our existing conventional mortgage offerings to create a custom-built execution based on the borrower’s investment strategy. With pre-negotiated pricing and loan documents, Freddie Mac structured facility products are one of the most efficient forms of execution for active multifamily
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