Fitch Affirms FREMF 2013-K29 & Freddie Mac Structured Pass-Through Ctfs, Series K-029

NEW YORK--()--Fitch Ratings has affirmed six classes of FREMF 2013-K29 multifamily mortgage pass-through certificates and three classes of Freddie Mac structured pass-through certificates, series K-029. 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. As of the May 2015 distribution date, the pool has had no delinquent or specially serviced loans. The pool's aggregate principal balance has been paid down by 0.98% to $1.62 billion from $1.63 billion at issuance.

The largest loan of the pool (14.8% of the pool) is secured by Crystal Towers, a 912-unit high rise apartment complex in Arlington, VA. The property is located in the Crystal City neighborhood, within walking distance of the Crystal City Metro station and the Crystal City Shops. Amenities include a swimming pool, barbeque and picnic areas, a rooftop sundeck, lounges and meeting rooms and a cafe. As of December 2014, the property was 93% occupied.

The second largest loan (3.2% of the pool) is secured by a 360-unit high-rise apt complex in Seattle, WA. The property, built in 1949, includes an 18-story apartment building and an attached two-story parking garage (209 parking spaces) situated on 1.28 acres of land (one city block). Common amenities include a laundry room, fitness center, game room, library, business center, barbecue grills, entertainment kitchen, conference room, tanning bed and a third-floor garden area. Occupancy was 94% as of September 2014.

The third largest loan (2.4% of the pool) is secured by a 436-unit garden style apt complex located in Lexington, KY. The subject property was constructed in four phases beginning in September 2009. The final phase was completed in September 2012 and stabilized at 90% occupancy in November 2012. Occupancy was 95% as of September 2014.

RATING SENSITIVITIES

The Rating Outlooks for all classes remains Stable. Due to the recent issuance of the transaction and stable performance, 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. Initial Key Rating Drivers and Rating Sensitivity are further described in the New Issue report 'FREMF 2013-K29 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-029' published on Nov. 19, 2013 and 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:

FREMF 2013-K29 Multifamily Mortgage Pass-Through Certificates

--$221.9 million class A-1 at 'AAAsf', Outlook Stable;

--$1.1 billion class A-2 at 'AAAsf', Outlook Stable;

--$104.4 million class B at 'A-sf', Outlook Stable;

--$40.9 million class C at 'BBB-sf', Outlook Stable;

--$1.4* billion class X1 at 'AAAsf', Outlook Stable;

--$1.4* billion class X2-A at 'AAAsf', Outlook Stable.

Fitch does not rate the class D and the interest-only classes X2-B and X3 certificates.

Freddie Mac Structured Pass-Through Certificates, Series K-029

--$221.9 million class A-1 at 'AAAsf', Outlook Stable;

--$1.1 billion class A-2 at 'AAAsf', Outlook Stable;

--$1.4* billion class X1 at 'AAAsf', Outlook Stable.

Fitch does not rate the class X3 certificates.

*Notional and interest-only.

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

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=986496

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986496

Endorsement Policy

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

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Contacts

Fitch Ratings
Primary Analyst
Lisa Cook
Director
+1-212-908-0665
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Lisa Cook
Director
+1-212-908-0665
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com