McLean, Va.-based Freddie Mac has closed a $180 million split-loan transaction to G&I Residential Portfolio LLC, a company backed by New York-based DRA Advisors Inc. and San Francisco-based BRE Properties Inc. The deal will refinance 19 apartment complexes with a combined total of 4,240 units in Phoenix; Tucson, Ariz.; Albuquerque, N.M.; and Las Vegas. Approximately 98% of the apartments are units for low- to moderate-income residents. New York-based HSBC Bank USA originated and sold the deal.

Freddie Mac's split-loan program combines fixed-rate and London InterBank Offered Rate (LIBOR)-based variable-rate debt. In this deal, $135 million of the total debt consists of seven-year, fixed-rate debt, while the remaining $45 million consists of seven-year LIBOR-based variable rate debt.