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Freddie Mac Funds Major Southern California Rental Property

McLean, VA – Freddie Mac recently purchased a $73.7 million loan from Wells Fargo Bank that enabled borrower Loma Palisades, a California general partnership, to refinance the 546-unit Loma Palisades Apartments. The 68-building, garden-style complex in San Diego was built in 1959. A portion of the proceeds will help complete the rehabilitation of all the units' interiors.

"The deal was rate-locked and funded in 45 days in an extremely volatile rate environment," said Tom Szydlowski, Wells Fargo Multifamily Capital head of production. "The client was impressed with the pricing, execution, and client-focused approach that the team took in underwriting the credit, which helped deepen an important bank relationship."

The transaction benefited from the Freddie Mac Fixed-Rate Mortgage product utilizing the Freddie Mac Early Rate-Lock option.

Since the launch of Freddie Mac's multifamily business in 1993, it has provided more than $200 billion in financing for approximately 55,500 multifamily properties.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac raises capital on Wall Street and throughout the world's capital markets to finance mortgages for families across America. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

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