Freddie Mac is issuing another $1 billion security backed by apartment loans as part of its 'K-Certificates' program.

The MBS are expected to price on or about June 11, and settle later in the month. In total, 83 rental buildings serve as collateral for the multifamily bonds.

A few months back, the GSE came to market with a $1 billion K-Certificate deal. The GSEs are a key source of liquidity for the apartment market with commercial banks remaining skittish about commercial lending.

Bank of America Merrill Lynch and Deutsche Bank Securities  are the co-lead managers and joint book runners on the transaction.

Barclays Capital , Goldman Sachs, JPMorgan Securities, Jefferies & Co. and Wells Fargo Securities are the co-managers.

The K-007 multifamily MBS deal is the third K-Certificate deal this year. The agency plans to issue three more K-Certificate transactions this year.

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