by Paul Willis
Hamilton Zanze, a leading San Francisco-based real estate investment firm, today announced that, in partnership with Limekiln Real Estate Investment Management, it formed a joint venture that acquired certain new-issue securities in the Freddie Mac K-165 transaction. Limekiln will serve as the Directing Certificate Holder under the offering. The acquisition closed on Nov. 7.
The partnership purchased Class D, X2A and X2B subordinate securities, collectively referred to as the “B piece.” These bonds have a total face value of approximately $63 million. FREMF 2024-K165 is a $1.27 billion, 10-year CMBS multi-borrower transaction. The underlying transaction is backed by 49 fixed-rate multifamily mortgage loans.
“Hamilton Zanze is very excited to have had an opportunity to participate in the Freddie Mac B piece program,” said Peter Casey, Managing Director of Capital Markets at Hamilton Zanze. “Over the last decade, we have carefully evaluated the right time, opportunity and partner to participate in the program. We were fortunate that the stars aligned, enabling us to act quickly to participate in the K-165 offering. As a Freddie Mac borrower for more than 15 years, we deeply value the organization and are pleased to strengthen our relationship while supporting Freddie Mac’s housing goals.”
Falling under the umbrella of mortgage-backed securities (MBS), the K-Series is a trademarked offering exclusively from Freddie Mac.