Freddie Mac Approves 12 Lenders To Sell Multifamily Seniors Housing Mortgages

McLEAN, Va. – Freddie Mac (OTC: FMCC) has approved 12 lenders to sell and service multifamily seniors housing conventional loans nationwide. The lenders met Freddie Mac’s new qualifications that reflect the specialized skills needed to originate these loans.

News Facts

·        Freddie Mac has provided financing for seniors housing since 1998, but in June had lenders apply for a special national designation to continue to sell these loans to the company.

·        Applicants for the new Seniors Housing designation underwent a rigorous qualifications process that included demonstrating GSE loan origination and underwriting experience for seniors housing properties, having experienced staff who know this specific market, and a track record of strong seniors housing loan performance.

·        The 12 lenders are Berkadia, CBRE Capital Markets, Inc., CW Capital, LLC, Grandbridge, KeyCorp Real Estate Capital Markets, Inc., NorthMarq Capital, LLC, Oak Grove Commercial Mortgage, LLC, PNC Bank, NA, Prudential Affordable Mortgage Company, Red Capital Group, Walker & Dunlop, and Wells Fargo Bank, NA.

·        Freddie Mac’s seniors housing loan portfolio is more than $6 billion.

·        The market for seniors housing continues to grow as more baby boomers reach the age for seniors housing.

Quotes

Mike McRoberts, national vice president of Production and Sales for Freddie Mac

·        “Originating loans for independent living, assisted living, memory care, and rental continuing care property loans requires unique skill sets.”

·        “The Seniors Housing designation qualification process ensures that the loans we purchase are well-managed for credit and risk because the lenders have demonstrated their extensive knowledge, commitment and experience in this market.”

Product Information

·        Freddie Mac’s Seniors Housing Mortgage product is for the purchase of loans for independent living properties, assisted living properties and properties with a limited amount of skilled nursing or dementia care.

·        Senior housing loans are eligible for securitization.

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.