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FREMF 2020-K106 Mortgage Trust, Series 2020-K106 and Freddie Mac Structured Pass-Through Certificates, Series K-106

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FREMF 2020-K106 Mortgage Trust, Series 2020-K106 and Freddie Mac Structured Pass-Through Certificates, Series K-106 PRESALE REPORT FREMF 2020-K106 Mortgage Trust, Series 2020-K106 and Freddie Mac Structured Pass-Through Certificates, Series K-106 MARCH 2020 STRUCTURED FINANCE: CMBS Table of Contents Capital Structure 3 Transaction Summary 4 Rating Considerations 5 DBRS Morningstar Credit Characteristics 7 Largest Loan Summary 8 DBRS Morningstar Sample 9 Transaction Concentrations 12 Loan Structural Features 13 10x Living at Columbia Town Center 15 Marc San Marcos 20 Belvoir Square 24 Torrente, Park West 205, Marquis Place 28 210 St. Paul 34 The Muse 39 Springhouse Apartment Homes 44 Las Palmas 48 Atler at Brookhaven 51 The Avenue Apartments 56 Rivera Apartments 60 Aperture 64 Polo Glen Apartments 68 88twenty 73 Stratford Green Apartments 77 Transaction Structural Features 81 Methodologies 81 Surveillance 81 Glossary 83 Definitions 83 Carson Applegate Edward Dittmer Vice President Senior Vice President +1 312 332-9445 +1 212 806-3285 [email protected] [email protected] Kevin Mammoser Erin Stafford Managing Director Managing Director +1 312 332-0136 +1 312 332-3291 [email protected] erin.stafford@ dbrsmorningstar.com Presale Report | FREMF 2020-K106 Capital Structure FREMF 2020-K106 MORTGAGE TRUST, SERIES 2020-K106 Description Rating Action Balance ($) Subordination (%) DBRS Morningstar Trend Rating Class A-1 New Rating - Provisional 135,929,000 18.500 AAA (sf) Stable Class A-2 New Rating - Provisional 852,000,000 18.500 AAA (sf) Stable Class X1 New Rating - Provisional 987,929,000 - AAA (sf) Stable Class X2-A New Rating - Provisional 987,929,000 - AAA (sf) Stable Class XAM New Rating - Provisional 54,548,000 - AA (sf) Stable Class A-M New Rating - Provisional 54,548,000 14.000 AA (low) (sf) Stable Class B New Rating - Provisional 48,488,000 10.000 A (low) (sf) Stable Class X2-B New Rating - Provisional 224,254,542 - BBB (high) (sf) Stable Class C New Rating - Provisional 30,304,000 7.500 BBB (sf) Stable Class X3 NR 169,706,542 - NR n/a Class D NR 90,914,542 0.000 NR n/a NR = not rated. 1. Classes X2-A, X2-B, C, and D have been privately placed. 2. Classes A-1, A-2, X1, XAM, A-M, and X3 are being conveyed by Freddie Mac into the SPC Trust described below. 3. The Class X1, X2-A XAM, X2-B, and X3 balances are notional. Classes X1, X2-A XAM, X2-B, and X3 are interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated reference tranche adjusted upward by one notch if senior in the waterfa FREDDIE MAC STRUCTURED PASS-THROUGH CERTIFICATES, SERIES K-106 Description Rating Action Balance ($) Subordination (%) DBRS Morningstar Trend Rating Class A-1 New Rating - Provisional 135,929,000 18.500 AAA (sf) Stable Class A-2 New Rating - Provisional 852,000,000 18.500 AAA (sf) Stable Class X1 New Rating - Provisional 987,929,000 - AAA (sf) Stable Class XAM New Rating - Provisional 54,548,000 - AA (sf) Stable Class A-M New Rating - Provisional 54,548,000 14.000 AA (low) (sf) Stable Class X3 NR 169,706,542 - NR n/a 1. NR = not rated. 2. Classes A-1, A-2, X1, X-AM, and A-M are rated without giving effect to the Freddie Mac guarantee. 3. The Class X1, XAM, and X3 balances are notional. The Class X1, XAM, and X3 balances are interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated reference tranche adjusted upward by one notch if senior in the waterfall. March 2020 3 Presale Report | FREMF 2020-K106 Transaction Summary POOL CHARACTERISTICS Trust Amount ($) 1,212,183,543 Wtd. Avg. Interest Rate (%) 3.821 Number of Loans 52 Wtd. Avg. Remaining Term 117 Number of Properties 52 Wtd. Avg. Remaining Amortization 250 Average Loan Size ($) 23,311,222 Total DBRS Morningstar Expected 7.5 Amortization2 DBRS Morningstar LTV (%)1 67.6 / 67.6 DBRS Morningstar Balloon LTV (%)1 62.3 / 62.3 Appraised LTV (%)1 67.1 / 67.1 Appraised Balloon LTV (%)1 61.9 / 61.9 Wtd. Avg. DBRS Morningstar DSCR1 1.39 / 1.39 Wtd. Avg. Issuer Term DSCR1 1.50 / 1.50 Top 10 Loan Concentration (%) 45.8 Avg. DBRS Morningstar NCF Variance (%) -7.8 1. The second metric excludes shadow-rated and co-op loans. 2. For certain ARD loans, expected amortization may include amortization expected to occur after the ARD but prior to single/major tenant expiry. PARTICIPANTS Depositor Barclays Commercial Mortgage Securities LLC Mortgage Loan Seller Federal Home Loan Mortgage Corporation (Freddie Mac - 52 loans, 100.0% of pool) Trustee Wells Fargo Bank, National Association Master Servicer KeyBank National Association Special Servicer CWCapital Asset Management LLC Certificate Administrator and Custodian Wells Fargo Bank, National Association March 2020 4 Presale Report | FREMF 2020-K106 Rating Considerations The collateral consists of 52 fixed-rate loans secured by 43 garden-style properties, four mid-rise properties, two high- rise properties, one townhome property, one independent living property, and one MHC. One group of loans, comprising Torrente, Park West 205, and Marquis Place, are cross-collateralized, and DBRS Morningstar’s analysis of this transaction incorporates this group of loans as a single loan, resulting in a modified loan count of 50. Of the 50 loans, 48 have 10-year loan terms and two have 11-year loan terms. Loans with more than a 10-year term are typically part of Freddie Mac’s prestabilization lending program. The transaction employs a sequential-pay pass-through structure. DBRS Morningstar analyzed the conduit pool to determine the provisional ratings, reflecting the long-term probability of loan default within the term and its liquidity at maturity. Measuring the cutoff loan balances against the DBRS Morningstar Stabilized NCF and their respective actual constants results in nine loans, representing 14.4% of the trust balance, with a DBRS Morningstar Term DSCR at or above 1.80x, a threshold indicating a lower likelihood of midterm default. Classes A-1, A-2, A-M, X1, XAM, and X3 of the FREMF 2020-K106 Mortgage Trust, Series 2020-K106 (FREMF 2020-K106) transaction have been conveyed into a trust by Freddie Mac to issue corresponding classes of Structured Pass-Through Certificates (SPCs) guaranteed by Freddie Mac (see the Transaction Structural Features section for more information). All DBRS Morningstar-rated classes will be subject to its ongoing surveillance, confirmations, upgrades, or downgrades after the date of issuance. DBRS Morningstar assigned the provisional ratings to the FREMF 2020-K106 certificates and the Freddie Mac Structured Pass-Through Certificates, Series K-106 (Freddie Mac SPCs K-106) without giving effect to the Freddie Mac guarantee. STRENGTHS – The deal has favorable credit metrics, as evidenced by a DBRS Morningstar Issuance LTV and DBRS Morningstar Balloon LTV of 67.6% and 62.3%, respectively. Three loans, comprising 8.3% of the trust balance, have DBRS Morningstar Issuance LTVs greater than 75%, which is a lower proportion than several other recently analyzed Freddie Mac transactions. In addition, the WA DBRS Morningstar Term DSCR is moderate at 1.39x, and 24.3% of the pool has a DBRS Morningstar Term DSCR over 1.75x, which is a higher proportion of several recently analyzed deals. – The pool has strong occupancy metrics, with a WA occupancy rate of 93.6% based on the most recent rent rolls provided to DBRS Morningstar. Furthermore, only seven loans have an occupancy rate below 90.0%. – Twenty-six loans, representing 62.3% of the pool by balance, were for the purpose of acquisition. Acquisition loans are favorable because the sponsor is usually required to contribute a significant amount of cash equity as a part of the transaction. Acquisition financing is also generally based on actual transaction values rather than an appraiser’s estimate of market value. – Loans on Freddie Mac’s balance sheet, which it originates according to the same policies as those for securitization, have an extremely low delinquency rate of 0.05% as of January 1, 2020. This compares favorably with the delinquency rate for CMBS multifamily loans of approximately 0.35% as of January 2020. – As of December 31, 2019, Freddie Mac has securitized 17,668 loans, totaling approximately $308.41 billion in guaranteed issuance balance. To date, Freddie Mac has not realized any credit losses on its guaranteed issuances, although B-piece investors have realized a combined $18.8 million in total losses, representing fewer than 1.0 basis points of total issuance. – The loans in the transaction benefit from experienced and financially strong borrowers compared with typical CMBS multifamily loans. In addition, many of the borrowers are repeat clients of Freddie Mac that have performed as agreed. – Only two loans, 1.8% of the pool, are secured by a nontraditional property type (MHC and independent living). March 2020 5 Presale Report | FREMF 2020-K106 CHALLENGES AND CONSIDERATIONS – Eleven loans, representing 12.6% of the pool, are secured by properties in DBRS Morningstar Market Ranks of 1 and 2, which are more rural or tertiary in nature. Furthermore, only three loans, representing 7.4% of the pool, are secured by properties with a DBRS Morningstar Market Rank of 6 or higher, which are typically more urban in nature. – Properties in tertiary and rural markets have higher loss severities than those in urban markets. – Twelve loans, representing 30.5% of the pool, including six of the top 15 loans in the pool, are structured with full-term IO payments. An additional 33 loans, comprising 63.3% of the pool, have remaining partial IO periods ranging from 12 months to 60 months.
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