DBRS Confirms Five Classes of FREMF 2011-K15 Mortgage Trust, Series 2011-K15

DBRS has today confirmed all five classes of the Multifamily Mortgage Pass-Through Certificates Series 2011-K15 issued by FREMF 2011-K15 Mortgage Trust, Series 2011-K15 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class B at A (high) (sf)
-- Class X1 at AAA (sf)
-- Class X2 at AAA (sf)

All trends are Stable.

The pool comprises 91 fixed-rate loans secured by 91 multifamily properties located across 30 states. The transaction closed in November 2011 and, since issuance, the outstanding principal balance has been reduced by 2.1% as a result of amortization. YE2013 cash flows were available for 72 loans, representing 84.8% of the current pool. The top 15 loans reported a weighted-average net cash flow change of 16.1% over the DBRS UW figures. The weighted-average term debt service coverage ratio for the top 15 at YE2013 was 1.53 times (x). The pool benefits from good overall property quality, with 17.8% of the current pool balance considered Excellent or Above Average, while only 1.5% is considered Below Average. As of the May 2014 remittance, there are no loans on the servicer’s watchlist and no loans in special servicing. Performance of the portfolio is viewed to be in line with DBRS expectations at issuance, thereby supporting the ratings confirmations.

DBRS continues to monitor this transaction in its Monthly CMBS Surveillance Report, with additional information on the DBRS viewpoint for this transaction, including details on the largest loans in the pool. The June 2014 Monthly Surveillance Report for this transaction will be published shortly. If you are interested in receiving this report, contact us at info@dbrs.com.

Notes:
The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American Surveillance Methodology (November 2012), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.