Freddie Mac has announced the recent purchase of an $85 million portfolio of mortgages that enabled a new Freddie Mac borrower to finance eight housing campuses for seniors in Pennsylvania.The portfolio of eight cross-collateralized and cross-defaulted mortgages was purchased from Holliday Fenoglio Fowler/Lend Lease Mortgage Capital. Freddie Mac said the mortgages have an interest rate based on the 30-day Freddie Mac Reference Bill index, which historically has traded at a discount relative to the London interbank offered rate. Each has a 10-year term and a 25-year amortization period. "By choosing a Freddie Mac Capped ARM to finance their seniors housing portfolio, the borrower was able to achieve what is perhaps the lowest cost of capital available in the seniors housing market," said Jack Killough of Holliday Fenoglio Fowler. Freddie Mac can be found on the Web at http://www.freddiemac.com.
