DLJ repackaged the $160 million Gold PC into a Freddie Mac REMIC security with two classes, tailoring the mortgages' cash-flows to meet investor demand. The REMIC is identified as Series 2171.
"This transaction shows the flexibility of the Multifamily Gold PC and REMIC programs in meeting the needs of a wide range of investors," said H.L. Van Varick, vice president of negotiated transactions in Freddie Mac's Multifamily Division. "Whether looking for a simple mortgage security swap to provide balance sheet flexibility, or a reconfiguration of cash-flows, Freddie Mac's Negotiated Transactions Group has a product that works, and works fast."
"We had a small window of time in which to complete this transaction, and Freddie Mac was able to meet our tight time schedule and complete this transaction inside of 60 days," said Anand Gajjar, senior vice president at DLJ.
Since the introduction of the Freddie Mac Program Plus network of multifamily loan originators and servicers in 1993, Freddie Mac has provided financing for nearly 5,000 multi-family properties totaling more than $17 billion.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Oct 20, 1999|
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