KBRA Assigns Preliminary Ratings to FREMF 2021-K124 and Freddie Mac Structured Pass-Through Certificate Series K-124 By Staff 2 months ago NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to four classes of FREMF Series 2021-K124 mortgage pass-through certificates and three classes of Freddie-Mac structured pass-through certificates (SPCs), Series K-124. FREMF 2021-K124 is a $1.2 billion CMBS multi-borrower transaction. Freddie Mac will guarantee six classes of certificates issued in the underlying Series 2021-K124 securitization and will deposit the guaranteed underlying certificates into a separate trust that will issue the SPCs. The underlying transaction is collateralized by 48 fixed-rate multifamily mortgage loans. The loans have principal balances that range from $2.8 million to $125.0 million. The largest exposure is represented by Meridian At Mount Vernon Triangle (10.4%), a 783-unit, high-rise multifamily complex located in downtown Washington, D.C. The five largest loans represent 31.5% of the cut-off date balance and also include Multifamily Crossed Portfolio (7.9%), Easton Commons (4.6%), Granada Villas Apartments (4.4%) and The Docks (4.2%). The assets are located in 28 states, with three largest concentrations in Florida (13.3%), California (10.4%), and The District of Columbia (10.4%).