Government-sponsored enterprise (GSE) Freddie Mac (FRE) is launching a new offering of $1bn of structured pass-through certificates, or K Certificates, the company said today. The K Certificates are multifamily mortgage-backed securities backed by loans originated using Freddie's capital markets execution (CME) product. The company recently expanded the base of products eligible for its multifamily CME program by adding senior housing mortgages and conventional structured finance transactions. Freddie's CME expansion marks an effort on-par with multifamily securitization to provide liquidity and affordability to the multifamily mortgage finance market. "K Certificates provide Freddie Mac with an efficient vehicle to securitize multifamily loans," the company said in a press statement today. "They provide investors structured guaranteed securities with stable cash flows and with both structured credit enhancement and the Freddie Mac guarantee." The K Certificate offering unveiled today is backed by 83 recently-originated multifamily mortgages. Freddie expects the certificates to price on or about June 11 and settle on or about June 24. The offering is Freddie's third of the year, on track for the six scheduled  K Certificates offerings annually. Bank of America Merrill Lynch (BAC) and Deutsche Bank Securities (DB) serve as co-lead managers and joint book-runners on the offering, Freddie said. Barclays Capital, Goldman Sachs (GS), JP Morgan Securities (JPM), Jefferies & Co. and Wells Fargo Securities (WFC) will act as co-managers on the transaction. Write to Diana Golobay. Disclosure: the author holds no relevant investments.