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Freddie Mac rolls out Student Housing Mortgage.

Freddie Mac announced it has launched the Freddie Mac Student Housing Mortgage (sm), which provides financing for the acquisition or refinancing of multifamily properties.

The Student Housing Mortgage is for purpose-built student housing and multifamily properties that are more than 50 percent occupied by students, according to Patti Saylor, vice president of Freddie Mac multifamily offerings and customer management.

"The new Freddie Mac Student Housing Mortgage is structured using terms obtained through feedback from our seller/servicers and student housing owners and operators," said Saylor. "We continue to search for ways to expand our breadth of products in response to the demand in the market-place and the needs voiced by our customers."

The new Student Housing Mortgage offers flexible terms that include 30-year amortization and the potential for full or partial interest only, as well as up to 80 percent loan-to-value (LTV) financing. The product is available to all Freddie Mac Program Plus seller/servicers, said Saylor.

Key Features of Freddie's Student Housing Mortgage Product include:

* Proximity to college/university (two miles or less) or location on a public transportation route;

* College/university size of at least 8,000 students (but Freddie Mac will consider properties located close to multiple schools that have a combined student body of at least 8,000);

* Nine-to 12-month lease;

* Ground lease for college- or university-owned land may be permitted; and

* Master leases with college/university may be permitted.
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Title Annotation:Commercial; Federal Home Loan Mortgage Corp.
Comment:Freddie Mac rolls out Student Housing Mortgage.(Commercial)(Federal Home Loan Mortgage Corp.)
Publication:Mortgage Banking
Article Type:Brief article
Date:Aug 1, 2008
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