Fitch Affirms FREMF 2011-K14

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed Freddie Mac's FREMF Mortgage Trust series 2011-K14 multifamily mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are based on the stable performance of the underlying collateral pool. There are currently no delinquent loans or Fitch loans of concern. The pool's aggregate principal balance has been paid down by 4.15% to $1.14 billion from $1.19 billion at issuance.

There are four loans on the servicer watch list (3.5% of the pool); the loans are generally on the watch list due to declines in occupancy and DSCR that largely represent temporary declines in performance.

The largest loan of the pool (7.4% of the pool) is secured by Ocean Towers, a 317-unit high rise cooperative building located in Santa Monica, CA (Los Angeles MSA). The property was built in 1971 and renovated in 2001, and features ocean views. The property was 100% occupied as of September 2014 and has been since 2008.

The second largest loan (3.8% of the pool) is secured by The Villas at Pine Hills, a 700-unit, 35-building, garden-style apartment complex situated on 100 acres in Manorville, NY. The property was built in 1976. As of year-to-date (YTD) September 2014, occupancy and NOI DSCR were 98% and 2.03x, respectively.

The third largest loan (3.6% of the pool) is secured by Hamilton House, a 304-unit, nine-story apartment building located in downtown Washington, D.C. The property was built in 1966 and renovated in 1998. As of YTD September 2014, occupancy and NOI DSCR were 93% and 1.25x, respectively.

RATING SENSITIVITIES

The Rating Outlook on class B remains Stable, as performance since issuance has been stable. Fitch does not foresee positive or negative ratings migration until a material economic or asset level event changes the transaction's overall portfolio-level metrics. Additional information on rating sensitivity is available in the 'FREMF 2011-K14 Multifamily Mortgage Pass-Through Certificates' (September 2, 2011) new issue report, available at www.fitchratings.com.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings:

--$53.6 million class B at 'Asf'; Outlook Stable.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 31 Mar 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (pub. 10 Dec 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986270

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150611006359/en/

Fitch Ratings
Primary Analyst:
Martin Nunnally, +1-212-908-0871
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
[email protected]

Source: Fitch Ratings

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