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Morgan Properties closes 5 Freddie Mac K-Series B-Pieces worth $5.3B
Morgan Properties closes 5 Freddie Mac K-Series B-Pieces worth $5.3B
Listen to this articleMorgan Properties, a real estate investment and management company and the largest multifamily owner in Maryland, announced Monday it has acquired five separate K-Series B-Pieces from Freddie Mac in 2019 with a total size of $5.3 billion and encompasses more than 50,000 units.
The five B-Pieces that Morgan Properties acquired had a total face amount of $400 million. Additionally, $674 million, or 13 percent of the total unpaid principal balance, were loans where Morgan Properties was also the underlying borrower.
Since launching its credit platform in September 2017, Morgan Properties has closed on nine K-Series B-Pieces across $8.5 billion in loans, of which $1.4 billion, or 16% of the total UPB, were loans where Morgan Properties was the underlying borrower. The nine B-Pieces have a total face amount of $637 million.
