Hunton & Williams LLP advised Freddie Mac and Berkadia in connection with the first affordable single family rental financing through Freddie Mac’s Multifamily Affordable Single-Family Rental for TrueLane Homes, a leading owner of single-family rental homes.
The transaction, which closed on January 9, 2018, involved the financing of $11,092,000 for a ten-year, fixed-rate loan secured by 196 properties in nine different metropolitan areas across six states.
Hunton & Williams recently was selected to represent Freddie Mac in connection with developing this pilot program in which Freddie Mac will purchase loans backed by portfolios of single family rental properties. The Freddie Mac pilot targets loan sizes between $10 million and $250 million, and is largely focused on affordable rental housing for low- and very low-income families. Our representation involves working with Freddie Mac to structure its loan purchase program, advising on typical single family rental property loan features, developing standardized documents with the Freddie Mac team, and providing general legal advice regarding the program. In addition to providing general advice, we will also represent Freddie Mac and the lenders jointly when closing loans under this program.
Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. The Firm, led by Donald H Layton, James G Mackey and Stacey Goodman, in 2016 recorded $66 Billion Revenues.
Berkadia Commercial Mortgage LLC provides real estate solutions for the life cycle of clients’ multifamily and commercial property assets. The Firm, led by Justin R. Wheeler, Randall L. Jenson, Don Hendricks, Mark E. McCool and Brent Long, is based in New York.
The Hunton team was led by Robert J. Hahn (Picture), Mark R. Vowell and Andrew J. Blanchard, with assistance from Frederic Chang, Matthew Mannering and Charles Matthews.
Involved fees earner: Robert Hahn – Hunton & Williams LLP; Matthew Mannering – Hunton & Williams LLP; Charles Matthews – Hunton & Williams LLP; Mark Vowell – Hunton & Williams LLP; Frederic Chang – Hunton & Williams LLP;
Law Firms: Hunton & Williams LLP;