King of Prussia, PA-based Morgan Properties is refinancing a 14-property multifamily portfolio for roughly $516 million. The financing is being arranged from Prudential through Freddie Mac’s K-series program.

Freddie Mac priced the new offering of Structured Pass-Through Certificates (K Certificates) that are backed by fixed-rate multifamily mortgages with seven-year terms. The roughly $464 million in K Certificates (K-MP1 Certificates) are backed by 14 properties indirectly controlled by Morgan Properties or its affiliates. K-MP1 is expected to settle on or about September 28, 2017.

The transaction collateral is part of Freddie Mac’s single-asset, single borrower (SASB) execution. The SASB execution transfers first loss credit risk on either one or multiple properties owned or controlled by a single sponsorship group.

The assets are located located in SC, NC, MD and PA, including:
– Henry on The Park, Philadelphia, PA
– Willow Lake, Laurel, MD
– Silver Spring Station, Nottingham, MD
– Westerlee Apartments, Catonsville, MD
– Seneca Bay, Middle River, MD
– Quail Hollow Apartments, Glen Burnie, MD
– The Willows Apartments, Glen Burnie, MD
– Saint Mary’s Landing Apartments, Lexington Park, MD
– Cedar Creek Apartments, Glen Burnie, MD
– Falls Creek Apartment and Townhomes, Raleigh, NC (pictured)
– Forest Oaks, Rock Hill, SC
– Heather Park Apartments – Garner, NC
– Greens at Westgate, York, PA
– The Waterway, Lexington, SC