OREANDA-NEWS. Fitch Ratings has affirmed six classes of Freddie Mac 2014-K717 multifamily mortgage pass-through certificates along with three classes of Freddie Mac structured pass-through certificates, K-717. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS
The affirmations of Freddie Mac 2014-K717 are based on the stable performance of the underlying collateral pool. The pool's aggregate principal balance has been paid down by 0.3% to $1.47 billion from $1.48 billion at issuance. Fitch has not designated any loans as Fitch Loans of Concern. There is one loan (0.7%) on the master servicer's watchlist due to deferred maintenance. The 75 loans' final maturity dates are all in 2021.

The affirmations of the Freddie Mac K-717 certificates are the result of the pass-through nature of the certificates, as they are dependent on the underlying ratings of corresponding classes for FREMF 2014-K717.

The largest loan of the pool (5.9%) is secured by The Berkshires at Lowry, a 710-unit apartment complex located in Denver, CO approximately five miles southeast of the Denver CBD. The subject property was constructed in two phases (1969 and 1974) and comprises seven seven-story apartment buildings (538 units), 16 two-story townhomes (172 units) and a one-story building. The community amenities for residents include three pools, spa, three fitness centers, pet park, beauty salon, two tennis courts, playground, indoor golf facility and racquetball court. The property was 94% occupied as of September 2014 and 94% as of June 2015. The servicer reported second-quarter 2015 (2Q15) debt service coverage ratio (DSCR) was 2.37x, compared to 2.27x at underwriting.

The second largest loan of the pool (4.8%) is secured by Halstead Danvers Apartments, a 433-unit garden-style apartment community located in Danvers, MA, approximately 20 miles north of the Boston CBD. The subject, which previously served as the site for the Danvers State Hospital from 1878 to 1960, was sold in December 2005 and redeveloped into a multifamily community completed in 2008. The property comprises 12 four-story apartment buildings. Property amenities include a swimming pool, clubhouse, fitness center, and indoor basketball court. The property was 93.5% occupied as of September 2014 and 94.2% as of March 2015. The servicer-reported 2Q15 DSCR was 2.28x.

The third largest loan of the pool (4.4%) is secured by Silverado Apartments, a 492-unit garden-style apartment community located in Murrieta, CA within the Temecula Valley. Silverado Apartments consists of 36 two- and three-story apartment buildings and a leasing office/clubhouse with common amenities, including two swimming pools and spas, barbeque areas, a fitness room, business center and billiards room. The property was 94.5% occupied as of June 2014 and 97.4% occupied as of April 2015. The servicer-reported 2Q15 DSCR was 1.36x.

RATING SENSITIVITIES
The Rating Outlooks on all classes remain 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. Additional information on rating sensitivity is available in the 'FREMF 2014-K717 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-717' (Nov. 17, 2014) new issue report, available at www.fitchratings.com.

DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.
Fitch affirms the following classes:

FREMF 2014-K717 Multifamily Mortgage Pass-Through Certificates

--$82.6 million class A-1 at 'AAAsf'; Outlook Stable;
--$1.142 billion class A-2 at 'AAAsf'; Outlook Stable;
--$99.7 million class B at 'A-sf'; Outlook Stable;
--$36.9 million class C at 'BBBsf'; Outlook Stable;
--$1.225 billion class X1 at 'AAAsf'; Outlook Stable;
--$1.225 billion class X2-A at 'AAAsf'; Outlook Stable.

Fitch does not rate class D, interest-only class X2-B, and interest-only class X3.

Freddie Mac Structured Pass-Through Certificates, Series K-717:

--$82.6 million class A-1 at 'AAAsf'; Outlook Stable;
--$1.142 billion class A-2 at 'AAAsf'; Outlook Stable;
--$1.225 billion class X1 at 'AAAsf'; Outlook Stable.

Fitch does not rate interest-only class X3.