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Freddie Mac Purchases Student Housing Mortgage With Newly Developed Product Copper Beech Townhome Community, State College, Pa., Refinanced

McLean, VA. – Freddie Mac (NYSE: FRE) purchased an $8.8 million loan from CBRE Capital Markets allowing new Freddie Mac borrower Jack McWhirter to refinance the Copper Beech Townhome Community.

News Facts

• The property is located in State College, Pa.,and serves the student population of Penn State University with 11 buildings housing 87 units.

• The transaction benefited from the Freddie Mac Student Housing Mortgage^SM.

• The property is situated on 7.23 acres and was built in 1998 and is comprised of one one-bedroom unit, two two-bedroom units and 84 three-bedroom units.

• Every unit has access to a deck in the rear of the unit.

• In the two- and three-bedroom units, each bedroom has its own full bathroom.

• Each unit is also equipped with a washer, dryer, smoke detector and fire extinguisher.

Quotes

Attributed to David Meese, senior vice president at CBRE Melody

• "Freddie Mac has really done its homework in support of underwriting student housing. At a time when there are few sources of financing for student housing, Freddie Mac is providing a great product. Freddie Mac has really done its homework in support of underwriting student housing. They understand the need for and the merits of high quality student housing and borrower sponsorship. During the underwriting process it seemed the market was changing every day; however, the Freddie Mac team was persistent and successfully got this financing to the goal line."

Attributed to Mitchell Kiffe, vice president of Freddie Mac Multifamily production and sales

• "We structured our Freddie Mac Student Housing Mortgage using terms obtained through feedback from our Seller/Servicers and student housing owners and operators. We're pleased that we could meet the needs of our borrower and CBRE Capital Markets with this new, flexible program."

Student Housing Mortgage Product Information

• The Freddie Mac Student Housing Mortgage offers financing for the acquisition or refinancing of purpose-built student housing, and traditional garden, mid-, or high-rise multifamily properties that are more than 50 percent occupied by students.

Related Links

• CBRE: http://capitalmarkets.cbre.com/About+Us/
• Copper Creek Townhomes: http://www.cbeech.com/statecollege.htm
• Freddie Mac Student Housing Mortgage: http://www.freddiemac.com/multifamily/abstract_studenthousing.html

Since the launch of Freddie Mac's multifamily business in 1993, it has provided more than $214 billion in financing for approximately 56,000 multifamily properties.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

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