Morgan Properties, the King of Prussia real estate company known for ownership of Class B apartment properties, grew its multifamily credit portfolio significantly last year by acquiring $5.3 billion in loans from Freddie Mac, writes Natalie Kostelni for the Philadelphia Business Journal.

The five deals marked the biggest year for Morgan Properties since it launched a strategy two years ago to focus more on debt and equity opportunities. Out of the $5.3 billion it bought last year, $674 million involved loans made to Morgan Properties.

The real estate company started buying commercial mortgage-backed securities that are backed by multifamily properties from Freddie Mac in 2017.

In that time, it has acquired a total of $8.5 billion in loans in nine deals. Around 16 percent of that amount were loans where the company itself was the borrower.

“It has been a calculated strategy to pursue opportunities where Morgan Properties was a significant concentration of the underlying pool,” said Jason Morgan, a principal at Morgan Properties. “Given our exemplary track record, there’s nothing better than taking risk on our own debt.”

Read more about Morgan Properties at the Philadelphia Business Journal by clicking here.

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