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FREDDIE MAC STUDENT HOUSING MORTGAGE DEBUTS

For Acquisition or Refinancing of Multifamily Properties

 

McLean, VA – Freddie Mac (NYSE: FRE) builds on its experience in the student housing area by launching the Freddie Mac Student Housing MortgageSM, 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. 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 financing. The product is available to all Freddie Mac Program Plus Seller/Servicers.

"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 Patti Saylor, vice president of Freddie Mac Multifamily Offerings and Customer Management. "We continue to search for ways to expand our breadth of products in response to the demand in the marketplace and the needs voiced by our customers."

Key Features for Student Housing Mortgage Product

  • Proximity to college/university is two miles or less, or on a public transportation route.
  • College/university size of at least 8,000 students. However, 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.
  • Master leases with college/university may be permitted.

Since the introduction of the Freddie Mac Program Plus® network of multifamily loan originators and servicers in 1993, Freddie Mac has provided financing for approximately 55,000 multifamily properties totaling more than $194 billion.

 

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.

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© 2008 Freddie Mac

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