Freddie Mac Multifamily K-deals (Freddie K) is one of the major agency CMBS products, with $321 billion outstanding balance as of December 2021. The underlying loans are typically 10-year fixed rate or floating rate loans, with a 30-year amortization period, backed by multifamily properties. Read this paper to learn more about the Freddie K product, including loan characteristics, underwriting, securitization, loan performance, prepayment behavior, and prepayment drivers. Compare Freddie K with GNPL and FN DUS, and review Small Balance Loans (SBL), another frequently mentioned Freddie Mac multifamily program.