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New York-based Meridian Capital, one of country's largest brokers of commercial mortgages, is the subject of an investigation by Freddie Mac, The Real Deal reports, citing anonymous sources.
The investigation has to do with a deal the company did for Freddie, TRD reported, though specifics about the investigation weren't available.
Meridian Capital is barred from doing deals with Freddie Mac while the investigation proceeds. Freddie Mac has been a major source of Meridian's business. Freddie Mac characterized it as a “temporary pause,” according to TRD.
Neither Meridian nor Freddie Mac immediately responded to queries from Bisnow.
An unnamed Meridian Capital broker has been put on leave, TRD reported, and the company is working with Freddie Mac as the investigation proceeds. In a statement sent to TRD, Meridian said it is “committed to compliance with industry standards and best practices.”
Besides mortgage brokerage, New York-based Meridian Capital facilitates investment sales, retail leasing, and senior housing and other healthcare deals. It is noted for arranging loans for small-building owners, per TRD.
Freddie Mac is a major buyer of mortgages in the multifamily space, financing 118,000 rental units in the third quarter, with 90% of eligible units being affordable to low- to moderate-income families.
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