Rent and Mortgage Relief from Freddie Mac and Fannie Mae

The Federal Housing Finance Agency has announced a nationwide relief plan for its Multifamily borrowers and residents of their apartment properties. Under the Freddie Mac program, multifamily landlords whose properties are financed with a Freddie Mac Multifamily fully performing loan can defer their loan payments for 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval.

In turn, Freddie Mac is requiring landlords not to evict any tenant based solely on non-payment of rent during the forbearance period. Through partnership with its network of Optigo lenders and investors, Freddie Mac anticipates that the program can provide relief for up to 4.2 million U.S. renters across more than 27,000 properties.

“This program is historic in its size, and it has the potential to provide relief to millions of families in multifamily rental homes financed through a Freddie Mac loan,” said Debby Jenkins, executive vice president and head of Freddie Mac Multifamily. “Countless Americans are facing unimaginable hardships, and Freddie Mac is doing what we can to provide relief.”

Freddie Mac Multifamily’s coronavirus forbearance program is modeled on its disaster-relief forbearance plan introduced in the wake of Hurricane Harvey in 2017. Since then, Freddie Mac has implemented the forbearance plan in response to other natural disasters, including additional hurricanes and the California wildfires.

Freddie Mac and Fannie Mae previously announced a relief program for mortgage-holders of single-family homes. Together, Fannie Mae and Freddie Mac back nearly 50 percent of all mortgages in the United States.

Sandoz Acquires Rights to Two Injection Drugs

Carnegie Center-based drug manufacturer Sandoz has announced that it has acquired the distribution rights in the United States for two injectible drugs from BE Pharmaceuticals AG. BE retains responsibility for manufacturing the products and managing the regulatory approval process.

Daptomycin is a naturally occurring antibiotic used in the treatment of infections caused by Gram-positive bacteria and is the generic version of Cubicin. Fosaprepitant is an antiemetic drug used in the prevention of nausea and vomiting associated with certain chemotherapies, administered as IV infusion, and is the generic prodrug of Emend for injection.

“These medicines strategically support our institutional portfolio, add value for our sales force, and increase our overall offerings in the hospital setting,” said Carol Lynch, president of Sandoz Inc. “Our ambition is to make Sandoz the world’s leading and most valued generics company. To realize that ambition in the U.S. market, we are focusing on specific segments such as hospitals and oncology clinics with generic and branded generic injectables, where we can do the most to pioneer access for patients.”

Sandoz Inc., 506 Carnegie Center, Suite 400, Princeton 08540. 609-627-8500. www.us.sandoz.com.

Management Moves

YWCA Princeton, 59 Paul Robeson Place, Princeton 08540. 609-497-2100 x334. www.ywcaprinceton.org.

YWCA Princeton has made Melissa White the new director of its Breast Cancer Resource Center. The center provides free support services for Mercer County women throughout any and every stage of their breast cancer journey. This includes a transportation and companionship program that brings women to and from treatment, fitness and wellness classes, a wig boutique and prosthesis fitting, and more. She was formerly support services coordinator for the BCRC.

“Melissa has always been a team player, and now she is a team leader,” said YWCA Princeton CEO Judy Hutton. “She’s been critical in the administration of daily services provided by the BCRC as well as in the planning and execution of large events and fundraisers.”

White, an eight-year cancer survivor herself, said she was excited to be the new director of the BCRC. “The legacy of the women before me is an incredible groundwork for what we are doing today and for what we have planned for the future of the BCRC,” she said.

KBP Biosciences, 116 Village Boulevard, Suite 210, Princeton 08540. 609-531-0889. Jennifer Miao. www.kbpbiosciences.com.

KBP Biosciences, a clinical stage biotechnology company based in Forrestal Village, has appointed Nick Hart as chief financial officer. Hart has more than 30 years of experience in the healthcare sector.

“Nick’s impressive record and breadth of financial leadership experience, which includes work at both public and private companies, makes him an extremely valuable addition to the KBP team at a pivotal juncture for the company,” said Thijs Spoor, CEO of KBP Biosciences. “Nick is well equipped to help us navigate the next phase of the company’s growth as we work to complete the Phase 2b study of our lead product candidate, KBP-5074, for the treatment of uncontrolled hypertension in chronic kidney disease patients.”

Most recently, Hart was CFO at Temptime Corporation, a private equity-owned manufacturer of temperature monitoring devices for the global pharmaceutical and vaccine industry, through its successful sale to Zebra Technologies in 2019. From 2008 to 2013, he was CFO and acting president at HemCon Medical Technologies. Previously, he was CFO of Alltracel Pharmaceuticals, which was sold to HemCon in 2008. Earlier in his career, he worked at venture capital firms Porton Capital Ltd and BioScience Managers.

He earned a bachelor’s in economics and statistics from Kingston University in London.

“I am excited to join KBP at such a crucial time and grateful to the Board for their confidence,” Hart said. “Until now, late-stage CKD patients with uncontrolled hypertension had few safe and viable treatment options. Our goal with KBP-5074 is to bring a new first-in-class therapy to these patients and address a major unmet medical need. I am looking forward to working with the KBP team to continue advancing this great initiative.”

Reinsurance Deal

NJ PURE, 214 Carnegie Center Drive, Princeton 08540. 877-265-0225. James J. Sheeran, www.njpure.com.

NJ PURE, a medical malpractice insurer, has formed a partnership reinsurance contract with General Reinsurance Corporation (“Gen Re”), a member of the Berkshire Hathaway family of companies. Gen Re has over $17.75 billion in assets.

“All of our policyholders may now take added comfort in knowing that NJ PURE has the financial support of Gen Re,” said Eric S. Poe, a principal of NJ PURE’s management company.

“By backing NJ PURE up to 70 percent of our future exposures up to our policy limits, we believe Gen Re’s commitment to us is a testament to our long-term business model and its viability into the future,” Poe said.

Deaths

Llura Ambler Gund, 79, on March 15. She was a philanthropist who was married to businessman and Cleveland Cavaliers owner Gordon Gund. Together with Gordon, she co-founded the Foundation for Fighting Blindness, which sought treatments and cures for retinal degenerative diseases. She founded the Princeton chapter of the FFB and ran it for 48 years. She also helped to preserve land around Princeton, where the couple lived.

Robert Aresty, 79, on March 21. He owned SOLEC Solar Energy Corporation in Ewing.

Herbert W. Bilsky, 97, on March 16. He was an engineer for RCA and GE/Lockheed in Hightstown, where he worked on groundbreaking aerospace projects, including the first satellites, several deep space missions, and Mars explorers.

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