Hannon Armstrong JV acquires B-Piece KG series securitization
Nov. 21, 2019 8:54 AM ETHannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI)By: Liz Kiesche, SA News Editor4 Comments
- Hannon Armstrong (NYSE:HASI) and Morgan Properties, a real estate and management company, form a new joint venture to acquire the B-Piece from Freddie Mac's previously settled KG series focused on environmental and social impact and part of Freddie's flagship K-Deal program.
- The issuance, K-G02, is exclusively comprised of securitized workforce housing loans made through Freddie's Green Advantage program, which requires borrowers to make energy and/or water efficiency improvements to their properties.
- At closing, the total loan balance represented by the K-G02 Multifamily Mortgage Pass-Through Certificates was ~$544M and the unguaranteed B-Piece that Hannon Armstrong and Morgan Properties acquired had a face amount of ~$41M.