Freddie Mac Purchases Its First Revolving Credit Facility for Student Housing
|Name:||Pool of 8 properties|
|Location:||Florida, Georgia, Kentucky, Tennessee and New York|
|Loan/Deal Type:||Freddie Mac Revolving Credit Facility|
|Number of Units:||1,170 units|
|Loan Amount:||$125 million|
"Freddie Mac was extremely accommodating and flexible."
senior vice president, PNC
Freddie Mac has purchased, from PNC, its first revolving credit facility secured by student housing. The $125 million transaction allowed American Campus Communities to refinance eight properties with a total of 1,170 units in Florida, Georgia, Kentucky, Tennessee and New York.
The transaction benefited from the Freddie Mac Revolving Credit Facility, one of three conventional structured facility products Freddie Mac offers. With this secured line of credit, borrowers can move assets in and out of a secured credit facility while adhering to the defined facility-level parameters.
"For the first time, Freddie Mac applied their revolving credit facility to fund student housing," said PNC Regional Senior Vice President Steven Heller. "They worked well with us and our customer, American Campus Communities, to successfully complete the transaction."
PNC Senior Vice President Richard Brisco agreed, "Freddie Mac was extremely accommodating and flexible to achieve ACC's goals with an initial funding of eight student housing properties totaling more than 4,000 beds."
Our structured facility products, which include the Freddie Mac Multi-Asset Flow Facility and Freddie Mac Multi-Asset Crossed Facility, can be paired with many of our existing conventional mortgage offerings to create a custom-built execution based on your current investment strategy. With built-in pricing and pre-negotiated loan documents, Freddie Mac structured facility products are one of the most efficient forms of execution for active multifamily borrowers.
- Read More Examples of Multifamily Financing