Pensam Funding, Inc. is pleased to announce that it recently acquired another ‘B-Piece’ from Freddie Mac through their K-Deal Program. The issuance, K-67, is supported by a pool of 67 multifamily mortgage loans. This is the second B-Piece acquired by Pensam within the last 12 months, following the K-60 acquisition in December 2016.
The total loan balance represented by the K-67 Multifamily Mortgage Pass-Through Certificates at closing was approximately $1.4 billion and the B-Piece that Pensam acquired had a face amount of approximately $107 million. K-67 is represented by a highly diversified group of real properties located across 25 states including: California, Virginia, Texas, Colorado, Georgia and New York (in order of geographic concentration) among other States. Pensam Funding viewed the loan metrics underlying the Pass-Through Certificates as quite compelling with the average weighted: LTV of 67.8% at closing (and this is anticipated to amortize down to 61.9% by maturity); occupancy at +95%; and a debt yield of 8.0% compared to the average cap rate of 5.4%.
As is characteristic of the K-Deal program, Pensam Funding, as the B-Piece buyer, will act as the initial Directing Certificateholder for the entire K-67 loan pool. In this capacity Pensam Funding will have extensive rights including: directing the master servicer or special servicer with respect to various matters regarding the underlying mortgage loans; have approval rights with respect to loan assumptions, loan consents and changes in property management; retains an option to purchase defaulted loans; and access rights to operating and performance information and reports on the underlying assets.
Since the commencement of the K-Deal program in 2009, Freddie Mac has issued over $200 billion of multifamily mortgage pass-through certificates.
About Pensam Funding and Pensam Capital
Headquartered in Miami, FL, Pensam Funding, an affiliate of Pensam Capital, is a private direct real estate lender which provides flexible and rapid capital solutions to experienced real estate sponsors across the capital stack including first mortgages, mezzanine debt, subordinate debt and preferred equity. For more information, visit www.pensamfunding.com.
Pensam Capital is a privately owned real estate investment platform. Through its various affiliates, it owns or controls over 25,000 multifamily apartment units and invests in the multifamily sector through equity, preferred equity and debt structures. For more information, visit www.pensamcapital.com.