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FREMF 2019-K736 Mortgage Trust and Freddie Mac Structured Pass- Through Certificates, Series K-736 Table of Contents

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FREMF 2019-K736 Mortgage Trust and Freddie Mac Structured Pass- Through Certificates, Series K-736 Table of Contents SEPTEMBER 2019 STRUCTURED FINANCE: CMBS PRESALE REPORT FREMF 2019-K736 Mortgage Trust and Freddie Mac Structured Pass- Through Certificates, Series K-736 Table of Contents Capital Structure 3 Transaction Summary 4 Rating Considerations 5 DBRS Credit Characteristics 7 Largest Loan Summary 8 DBRS Sample 9 Transaction Concentrations 11 Loan Structural Features 12 Aqua At Lakeshore East 14 Slate Creek 19 Turnbury At Palm Beach Gardens 24 City Walk At Woodbury 29 Hudson Woodstock 34 Windsor Lakes 39 Suite 2801 Apartments 44 Arbour Square 48 Lake Vista 53 Providence Trail Apartment Homes 58 Fairways On Green Valley Homes 63 Vintage Pointe 67 Stonegate Apartment Homes 71 Mercury NoDa Apartments 76 Davis at the Square 81 Transaction Structural Features 85 Methodologies 85 Surveillance 85 Scott Kruse Brandon Olson Assistant Vice President Senior Vice President +1 312 332 9448 +1 312 332 0889 [email protected] [email protected] Kevin Mammoser Erin Stafford Managing Director Managing Director +1 312 332 0136 +1 312 332 3291 [email protected] [email protected] PRESALE REPORT — FREMF 2019-K736 SEPTEMBER 2019 Capital Structure Description Rating Action Balance Subordination DBRS Rating Trend Class A-1 New Rating - Provisional $110,482,000 18.625% AAA (sf) Stable Class A-2 New Rating - Provisional $1,093,460,000 18.625% AAA (sf) Stable Class X1 New Rating - Provisional $1,203,942,000 -- AAA (sf) Stable Class XAM New Rating - Provisional $68,427,000 -- AA (sf) Stable Class A-M New Rating - Provisional $68,427,000 14.000% AA (low) (sf) Stable Class X3 NR $207,130,486 -- NR n/a Notes: 1. NR = not rated. 2. The Class X-1, XAM, and X3 Certificates will not be entitled to distributions of principal. Description Rating Action Balance Subordination DBRS Rating Trend Class A-1 New Rating - Provisional $110,482,000 18.625% AAA (sf) Stable Class A-2 New Rating - Provisional $1,093,460,000 18.625% AAA (sf) Stable Class X1 New Rating - Provisional $1,203,942,000 -- AAA (sf) Stable Class XAM New Rating - Provisional $68,427,000 -- AA (sf) Stable Class A-M New Rating - Provisional $68,427,000 14.000% AA (low) (sf) Stable Class B New Rating - Provisional $59,180,000 10.000% A (low) (sf) Stable Class C New Rating - Provisional $36,988,000 7.500% BBB (sf) Stable Class X3 NR $207,130,486 -- NR n/a Class D NR $110,962,486 -- NR n/a Notes: 1. NR = not rated. 2. Classes B, C and D will be privately placed. 3. The X1, XAM, and X3 balances are notional. The Class X1 will be equal to the aggregate of Certificate Balance of the Class A-1 and A-2. The Class XAM will be equal to the aggregate of Certificate Balance of the Class A-M. The Class X3 will be equal to the aggregate of Certificate Balance of the Class B, C, and D. 4. The Class R Certificates are not represented in this table and are not being offered. The Class R Certificates will not have a principal balance, notional amount or class coupon. Structured Finance: CMBS 3 PRESALE REPORT — FREMF 2019-K736 SEPTEMBER 2019 Transaction Summary POOL CHARACTERISTICS Trust Amount $1,479,499,487 Wtd. Avg. Interest Rate 3.878% Number of Loans 43 Wtd. Avg. Remaining Term 78 Number of Properties 43 Wtd. Avg. Remaining Amortization 243 Average Loan Size $34,406,965 Total DBRS Expected Amortization3 -5.1% Wtd. Avg. DBRS Term DSCR1 1.37x Wtd. Avg. DBRS Term DSCR Whole Loan 1.37x Wtd. Avg. Issuance LTV1 69.1% Wtd. Avg. Balloon LTV1 65.5% Top Ten Loan Concentration 50.1% Wtd Avg. DBRS NCF Variance -7.9% 1. Includes pari passu debt, but excludes subordinate debt. 2. Excludes shadow-rated loans and co-ops. 3. For certain ARD loans, expected amortization may include amortization expected to occur after the ARD but prior to single/major tenant expiry. PARTICIPANTS Depositor GS Mortgage Securities Corporation II Mortgage Loan Sellers Federal Home Loan Mortgage Corporation Master Servicer Midland Loan Services, a Division of PNC Bank, National Association Special Servicer Wells Fargo Bank, National Association Certficate Administrator Wells Fargo Bank, National Association Trustee Wilmington Trust, National Assocaition Custodian Wells Fargo Bank, National Association Multifamily Delinquency Rate Comparison 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 CMBS Multifamily Delinquency Rate Freddie Mac Delinquency Rate Structured Finance: CMBS 4 PRESALE REPORT — FREMF 2019-K736 SEPTEMBER 2019 Rating Considerations The collateral consists of 43 fixed-rate loans secured by 42 multifamily properties and one MHC property. All loans within the transaction are structured with seven-year loan terms with the exception of one loan, which is structured with a five- year loan term. The transaction is a sequential-pay pass-through structure. The conduit pool was analyzed to determine the provisional ratings, reflecting the long-term probability of loan default within the term and its liquidity at maturity. When the cut-off loan balances were measured against the DBRS Stabilized NCF and their respective actual constants, six loans representing 14.2% of the trust balance had a DBRS Term DSCR below 1.15x, a threshold indicative of a higher likelihood of mid-term default. Classes A-1, A-2, A-M, X1, XAM and X3 of the FREMF 2019-K736 Mortgage Trust, Series 2019-K736 (FREMF 2019-K736) 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-rated classes will be subject to ongoing surveillance, confirmations, upgrades or downgrades by DBRS after the date of issuance. The initial ratings of the FREMF 2019-K736 Certificates and the Freddie Mac Structured Pass-Through Certificates, Series K-736 (Freddie Mac SPCs K-736) are assigned without giving effect to the Freddie Mac guarantee. Please see the FREMF 2019-K736 Structural and Collateral Term Sheet for more information about the structure of the Freddie Mac SPCs K-736. STRENGTHS • The loans benefit from strong origination practices. – Loans on Freddie Mac’s balance sheet, which are originated according to the same policies as those for securitization, have an extremely low delinquency rate of 0.001% as of June 2019. This compares favorably with the delinquency rate for CMBS multifamily loans of approximately 0.32% as of June 2019. – As of June 30, 2019, Freddie Mac has securitized 16,188 loans totaling approximately $317.4 billion in guaranteed issuance balance. To date, Freddie Mac has not realized any credit losses on its guaranteed issuances, although a combined $15.33 million in total losses has been realized by B-piece investors, representing less than one basis point of total issuance. • The deal has favorable credit metrics, as evidenced by an issuance WA LTV and balloon WA LTV of 69.1% and 65.5%, respectively. Only four loans, comprising 8.6% of the trust balance, have issuance LTVs of 75.0% or higher. In addition, the WA DBRS Term DSCR is reasonable at 1.37x. • The loans in the transaction benefit from experienced and financially strong borrowers compared with typical CMBS multifamily loans. Many of the borrowers are repeat clients of Freddie Mac. • Three loans, representing 15.9% of the pool, exhibit Above Average property quality and two loans, representing 7.4% of the pool, exhibit Average (+) property quality. Five of these loans are in the top 15. CHALLENGES AND CONSIDERATIONS • The transaction has two notable sponsorship concentrations that, when combined, total 11 loans and represent 33.1% of the pool. The largest concentration (Group 1) consists of eight loans representing 23.7% of the pool, and the second-largest concentration (Group 2) consists of three loans representing 9.4% of the pool. – Both sponsors are repeat Freddie Mac borrowers that have performed as agreed and have significant experience in the mul- tifamily sector. The Group 1 sponsor is an affiliate of an investment-grade-rated entity and has reported over $472.0 billion in assets under management with ownership interests in 25 multifamily properties and portfolios across the United States. The sponsor is a repeat Freddie Mac borrower and has closed 94 loans for more than $3.7 billion. The Group 2 sponsor has ownership interests and management positions in approximately 25,000 residential units collectively valued at more than $2.5 billion and holds over 20 years of real estate experience. The sponsor is a repeat borrower and has completed more than 80 transactions with Freddie Mac representing over $2.3 billion in unpaid principal balance since 2010. DBRS Structured Finance: CMBS 5 PRESALE REPORT — FREMF 2019-K736 SEPTEMBER 2019 added a small pool-wide model penalty to account for the Group 1 concentration; the penalty would have been higher had the sponsor itself not been so strong. No penalty was applied for the Group 2 concentration as it was not overly large. • Fifteen loans, representing 32.4% of the pool and including four of the top 15 loans in the pool, are structured with full- term IO payments. An additional 26 loans, comprising 66.0% of the pool, have remaining partial IO periods ranging from 24 months to 60 months. – The POD is calculated using a DSCR that includes amortizing debt service.
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