Berkadia Becomes Freddie Mac TAH Seller/Servicer
Freddie Mac has tapped Berkadia as a formally designated and licensed Freddie Mac Multifamily Targeted Affordable Housing Seller/Servicer. New York-based Berkadia is one of only 13 lenders in the country to earn the designation.
By Dees Stribing, Contributing Editor
Washington, D.C.—Freddie Mac has tapped Berkadia as a formally designated and licensed Freddie Mac Multifamily Targeted Affordable Housing (TAH) Seller/Servicer. New York-based Berkadia is one of only 13 lenders in the country to earn the designation.
Being a TAH means that a company is allowed to sell and service Freddie Mac Multifamily TAH loans secured by properties located anywhere in the United States. Other TAH Seller/Servicers currently include Bellwether Enterprise Real Estate Captial, Citibank, Greystone Servicing Corp., NorthMarq Capital and Pillar Multifamily.
TAH loans through Freddie Mac include mortgages on properties subject to low-income housing tax credits. They also include mortgages on properties that receive federal subsidies and transactions in which Freddie Mac will credit-enhance a mortgage that backs tax-exempt bonds.
Berkadia is a joint venture of Berkshire Hathaway and Leucadia National Corp. Among other things, the company is a Freddie Mac Program Plus lender, Fannie Mae DUS(r) Multifamily Seller/Servicer, insurance company correspondent and HUD, MAP and LEAN originator and servicer.
About 90 percent of the loans Freddie Mac finances in any given year support low- and moderate-income households who earn no more than area median income, according to the GSE. The company tends to have lower borrowing costs than other funding sources, which is a prime factor in obtaining financing for properties that might otherwise have difficulty securing any, including aging properties, those in need of capital improvements and apartments in smaller towns.
