Twelve lenders have joined the ranks of those approved by Freddie Mac (OTC:FMCC) to sell and service multifamily seniors housing conventional loans nationwide, after meeting new qualifications that reflect the specialized skills needed to originate these loans.
Freddie Mac has provided seniors housing financing since 1998, and in June it had lenders apply for a special national designation to continue to sell these loans to the company.
In order to receive this designation, applicants had to go through a rigorous qualifications process, including demonstrating GSE loan origination and underwriting experience for seniors housing properties, having experienced staff who know this specific market, and having a track record of strong seniors housing loan performance.
The 12 newly-approved lenders are Berkadia, CBRE Capital Markets, Inc., CW Capital, LLC, Grandbridge, KeyCorp Real Estate Capital Markets, Inc., NorthMarq Capital, LLC, Oak Grove Commercial Mortgage, LLC, PNC Bank, NA, Prudential Affordable Mortgage Company, Red Capital Group, Walker & Dunlop, and Wells Fargo Bank, NA.·
Freddie Mac’s seniors housing portfolio is more than $6 billion, and as the baby boomer generation approaches the age for seniors housing, the market continues to grow.
“Originating loans for independent living, assisted living, memory care, and rental continuing care property loans requires unique skill sets,” said Mike McRoberts, national vice president of Production and Sales for Freddie Mac, in a statement. “The Seniors Housing designation qualification process ensures that the loans we purchase are well-managed for credit and risk because the lenders have demonstrated their extensive knowledge, commitment and experience in this market.”
Written by Alyssa Gerace