Freddie Mac issued its 11th multifamily mortgage bond valued over $1 billion this year, and credit ratings agency Kroll Bond Ratings found the likely default rate on the underlying loans to be minimal.

Analysts looked at more than 11,000 Freddie loans originated for the multifamily funding program between 1994 and 2011. The default rate was 0.79% as of the end of last year. As of June 30, multifamily delinquencies at Freddie stood at 0.27%.

Kroll found it "significantly below" industry-wide default rates, which exceed 17% for multifamily loans bundled into commercial mortgage bonds.

In the latest deal, Kroll found 58 of the 77 loans backing the latest Freddie deal were used to refinance existing debt. Nearly two-thirds of the entire pools contains loans that account for less than 2% of the aggregate balance.

One property for the East Coast 7 Apartments in New York, represents 12.2% of the entire pool balance. Ten other properties in Texas make up 10% of the balance, followed by six California buildings for 7.7% of the pool.

Properties underlying the security are dispersed across 30 states total.

The deal is expected to price at the end of the week and is scheduled to settle by Sept. 25.