Printer Friendly

Freddie Mac.

Freddie Mac has closed a $160 million Multifamily Gold PC swap with Column Financial, Inc., a subsidiary of Donaldson, Lnfkin & Jenrette, Inc. (DLJ). The $160 million security is backed by 17 multi-family properties owned by Southern Management, one of the largest owner/managers of apartment properties in the U.S.

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.
COPYRIGHT 1999 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Oct 20, 1999
Words:224
Previous Article:Emigrant Funding Corporation.
Next Article:Median Manhattan condo prices top $400 psf barrier.
Topics:


Related Articles
Freddie Mac purchases 30 multi-family loans.
GMAC Commercial Mortgage.
Legg Mason Real Estate Services' (LMRES).
FANNIE MAE, FREDDIE MAC RAISE MORTGAGE BUY LIMITS; HIGHER COST CEILING MAY HELP MORE PURCHASERS AFFORD HOMES.
CONGRESSIONAL REPORT QUESTIONS U.S.-BACKED MORTGAGES.
MORTGAGE RATES LOWEST IN 40 YEARS.
BRIEFCASE WELLPOINT'S NO. 1 IN SURVEY ON DRUGS.
$80m Chelsea Tower financing deal closed.
HSBC uses rate lock for interest-only co-op loan.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters