$24 MILLION PORTFOLIO FROM NORTHMARQ HIGHLIGHTS FREDDIE MAC'S FINANCING OF SENIOR HOUSING

McLean, VA – Freddie Mac recently purchased a portfolio of three mortgages totaling $24 million from NorthMarq Capital for the borrower, the FMH Foundation, a non-profit dedicated to providing affordable housing for low-income seniors. The portfolio is secured by three separate properties in the suburbs of Chicago and St. Louis, containing a total of 448 units. Freddie Mac financing helped the properties maintain their Section 8 coverage. The transaction used the Freddie Mac Fixed-to-Float and Standard Delivery options.

"Through Freddie Mac financing, we were able to improve the borrower's cash flow," said Dennis Graven, Freddie Mac senior director of underwriting and credit for its Central Region. "FMH lowered its financing costs due to market interest rates being lower than in the past. All of this allows FMH to continue carrying out its mission of providing affordable housing for senior citizens in several underserved areas."

The properties located in the Chicago suburbs – the Garden House of Maywood and the Garden House of River Oaks – each comprise 145 primarily one-bedroom units of affordable housing for seniors. Skyline Towers, located in the St. Louis suburbs, is a 5-story midrise with 158 one-bedroom units. All the units have buzzer activated intercom systems and each bedroom and bathroom is equipped with emergency pull cords. All are 100 percent occupied.

"These deals were very good deals for the borrower, a not-for-profit entity, that satisfied its long-term plans," said Sue Blumberg, senior vice president and managing director for NorthMarq Capital. "The quality of the properties was just what you would hope for and will fulfill the needs of the people that live there. Freddie Mac was responsive to the borrower's needs both in loan terms and timing."

Since the introduction of the Freddie Mac Program Plus® network of multifamily loan originators and servicers in 1993, Freddie Mac has provided financing for over 48,000 multifamily properties totaling more than $147 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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