Freddie Mac bought the loan. The debt coverage ratio is now negative 0.37.

The loan’s current debt coverage ratio is negative 0.37. Freddie Mac bought the loan. The city of Edina added a $350,000 grant from a tax increment financing district. Minnesota Housing contributed a $4.5 million subordinate loan. The properties passed through three hands of ownership in roughly two years, with the final sale generating a $6.5 million profit for the intermediate buyer. One loan in the K-098 securitization, backed by five Minneapolis apartment properties totaling 220 units, originated at $16.8 million. Freddie Mac K-098 was issued in October 2019 with an original unpaid principal balance of $1.4 billion across 59 properties.