offering circular supplement $1,049,674,000 … · servicing corporation, inc., holliday fenoglio...

Offering Circular Supplement(To Offering CircularDated February 23, 2017)

$1,049,674,000(Approximate)

Freddie MacStructured Pass-Through Certificates (SPCs)

Series K-077Offered Classes: Classes of SPCs shown belowUnderlying Classes: Each Class of SPCs represents a pass-through interest in a separate class of securities issued by the

Underlying TrustUnderlying Trust: FREMF 2018-K77 Mortgage TrustMortgages: Fixed-rate, multifamily mortgagesUnderlying Originators: Arbor Agency Lending, LLC, Berkadia Commercial Mortgage LLC, Berkeley Point Capital LLC, Capital

One Multifamily Finance, LLC, CBRE Capital Markets, Inc., CBRE Multifamily Capital, Inc., GreystoneServicing Corporation, Inc., Holliday Fenoglio Fowler, L.P., Jones Lang LaSalle Multifamily, LLC,KeyBank National Association, NorthMarq Capital, LLC, PNC Bank, National Association, Walker &Dunlop, LLC and Wells Fargo Bank, National Association

Underlying Seller: Freddie MacUnderlying Depositor: Credit Suisse First Boston Mortgage Securities Corp.Underlying Master Servicer: Wells Fargo Bank, National AssociationUnderlying Special Servicer: CWCapital Asset Management LLCUnderlying Trustee: Wilmington Trust, National AssociationUnderlying CertificateAdministrator andCustodian: Wells Fargo Bank, National Association

Payment Dates: Monthly beginning in July 2018Optional Termination: The SPCs are subject to a 1% clean-up call right and the Underlying Trust is subject to certain liquidation

rights, each as described in this SupplementForm of SPCs: Book-entry on DTC SystemOffering Terms: The placement agents named below are offering the SPCs in negotiated transactions at varying prices, and

in accordance with the selling restrictions set forth in Appendix A; it is expected that we will purchase all ora portion of X3

Closing Date: On or about June 26, 2018

Class

Original PrincipalBalance or

Notional Amount(1)Class

CouponCUSIPNumber

Expected RatingsFitch/DBRS(3)

ExpectedUnenhanced

Ratings ExcludingOur Guarantee(Fitch/DBRS)(3)

Final PaymentDate

A-1 . . . . . . . . $ 91,000,000 3.70100% 3137FG6W0 AAAsf/AAA(sf) AAAsf/AAA(sf) March 25, 2028A-2 . . . . . . . . 903,749,000 (2) 3137FG6X8 AAAsf/AAA(sf) AAAsf/AAA(sf) May 25, 2028A-M . . . . . . . 54,925,000 (2) 3137FG6Y6 AAAsf/AA(sf) A+sf/AA(sf) May 25, 2028X1 . . . . . . . . 994,749,000 (2) 3137FG6Z3 AAAsf/AAA(sf) AAAsf/AAA(sf) May 25, 2028XAM . . . . . . 54,925,000 (2) 3137FG7B5 AAAsf/AA(high)(sf) A+sf/AA(high)(sf) May 25, 2028X3 . . . . . . . . 170,877,618 (2) 3137FG7A7 NR/NR NR/NR May 25, 2046

(1) Approximate. May vary by up to 5%.(2) See Terms Sheet — Interest.(3) The Expected Ratings column, in the case of the Fitch ratings, sets forth the ratings that are expected to be issued which take into account our guarantee. The Expected

Ratings column, in the case of the DBRS ratings, sets forth the ratings that are expected to be issued, which do not take into account our guarantee. The ExpectedUnenhanced Ratings Excluding Our Guarantee column sets forth the ratings that are expected to be issued by Fitch and DBRS, based on the underlying creditworthinessof the certificates, without taking into account our guarantee. See Ratings.

The SPCs may not be suitable investments for you. You should not purchase SPCs unless you have carefully considered and are able to bearthe associated prepayment, interest rate, yield and market risks of investing in them. Certain Risk Considerations on page S-2 highlightssome of these risks.

You should purchase SPCs only if you have read and understood this Supplement, our Giant and Other Pass-Through Certificates(Multifamily) Offering Circular dated February 23, 2017 (the “Offering Circular”) and the other documents identified under AvailableInformation.

We guarantee certain principal and interest payments on the SPCs. These payments are not guaranteed by, and are not debts or obligationsof, the United States or any federal agency or instrumentality other than Freddie Mac. The SPCs are not tax-exempt. Because of applicablesecurities law exemptions, we have not registered the SPCs with any federal or state securities commission. No securities commission hasreviewed this Supplement.

Co-Lead Managers and Joint Bookrunners

Credit Suisse Goldman Sachs & Co. LLCCo-Managers

Brean Capital Hunt Financial Securities Multi-Bank Securities Inc. Wells Fargo Securities

June 18, 2018

CERTAIN RISK CONSIDERATIONS

Although we guarantee the payments on the SPCs, and so bear the associated credit risk, as aninvestor you will bear the other risks of owning mortgage securities. This section highlights some ofthese risks. You should also read Risk Factors and Prepayment, Yield and Suitability Considerations inthe Offering Circular and Risk Factors in the Information Circular for further discussions of theserisks.

SPCs May Not be Suitable Investments for You. The SPCs are complex securities. Youshould not purchase SPCs unless you are able to understand and bear the associated prepayment, basis,redemption, interest rate, yield and market risks.

Prepayments Can Reduce Your Yield. Your yield could be lower than you expect if:

• You buy A-1, A-2 or A-M at a premium over its principal balance, or if you buy X1, XAMor X3, and prepayments on the underlying Mortgages are faster than you expect.

• You buy A-1, A-2 or A-M at a discount to its principal balance and prepayments on theunderlying Mortgages are slower than you expect.

Rapid prepayments on the Mortgages, especially those with relatively high interest rates, wouldreduce the yields on X1, XAM and X3, which are Interest Only Classes, and could even result in thefailure of investors in those Classes to recover their investments.

A-2, A-M, X1, XAM and X3 are Subject to Basis Risk. A-2 and A-M are subject to the WACCap and X1, XAM and X3 bear interest at a rate based in part on the Weighted Average NetMortgage Pass-Through Rate. As a result, these Classes are subject to basis risk, which may reducetheir yields.

The SPCs are Subject to Redemption Risk. If the Underlying Trust is terminated or the SPCsare redeemed, the effect on the SPCs will be similar to a full prepayment of all the Mortgages.

The SPCs are Subject to Market Risks. You will bear all of the market risks of yourinvestment. The market value of your SPCs will vary over time, primarily in response to changes inprevailing interest rates. If you sell your SPCs when their market value is low, you may experiencesignificant losses. The placement agents named on the front cover (the “Placement Agents”) intend todeliver the SPCs on our behalf to third party purchasers (except it is expected that we will purchase allor a portion of X3); however, if the SPCs are not placed with third parties, they will be resold to us bythe Placement Agents.

Credit Ratings Do Not Take into Consideration Certain Risks and Could be AdverselyAffected by Future Events. The credit ratings assigned to A-1, A-2, A-M, X1 and XAM do not reflectthe potential impact of non-credit related risks associated with an investment in such Classes of SPCs,including, without limitation, prepayment, price, market, liquidity, structure and redemption risks. Theratings will be subject to ongoing monitoring, upgrades, downgrades, withdrawals and surveillance byeach Rating Agency after the date of issuance. Changes affecting the properties securing the Mortgages,the Underlying Trustee, the Underlying Certificate Administrator, the Underlying Custodian, theUnderlying Master Servicer, the Underlying Special Servicer or Freddie Mac and the issuance by otherrating agencies of unsolicited ratings that are lower than those assigned by the Rating Agencies may havean adverse effect on the liquidity, market value and regulatory characteristics of these Classes. See RiskFactors in the Information Circular for a description of the risks applicable to the ratings of theUnderlying Classes, which risks are generally applicable to the ratings of the related SPCs. X3 will not berated by either Rating Agency or another NRSRO (unless an NRSRO issues an unsolicited rating), whichmay adversely affect the ability of an investor to purchase or retain, or otherwise impact the liquidity,market value and regulatory characteristics of, X3.

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TERMS SHEET

This Terms Sheet contains selected information about this Series. You should refer to theremainder of this Supplement and to the Offering Circular and the attached InformationCircular for further information.

The Offering Circular defines many of the terms we use in this Supplement. The UnderlyingDepositor’s Information Circular dated the same date as this Supplement (the “InformationCircular”), attached to this Supplement, defines terms that appear in bold type on their first use andare not defined in this Supplement or the Offering Circular.

In this Supplement, we sometimes refer to Classes of SPCs only by their number and letterdesignations. For example, “A-1” refers to the A-1 Class of this Series.

General

Each Class of SPCs represents the entire undivided interest in a separate pass-through pool. Eachpass-through pool consists of a class of securities (each, an “Underlying Class”) issued by theUnderlying Trust. Each Underlying Class has the same designation as its corresponding Class of SPCs.Each Mortgage is a fixed-rate, multifamily balloon mortgage loan that provides for an amortizationschedule that is significantly longer than its remaining term to stated maturity or no amortization priorto stated maturity and, in either case, a substantial payment of principal on its maturity date.

In addition to the Underlying Classes, the Underlying Trust is issuing six other classes ofsecurities: the series 2018-K77 class X2-A, class X2-B, class B, class C, class D and class Rcertificates.

Interest

A-1 will bear interest at its Class Coupon shown on the front cover. A-2 and A-M will each bearinterest at a rate per annum equal to the lesser of 3.85000% and the WAC Cap. The initial ClassCoupon of each of A-2 and A-M is 3.85000% per annum.

X1, XAM and X3 each will bear interest at a Class Coupon equal to the interest rate of itsUnderlying Class, which is equal to the weighted average of its related “strip rates,” as described in theInformation Circular. Accordingly, the Class Coupons of X1, XAM and X3 will vary from month tomonth. The initial Class Coupons of X1, XAM and X3 are approximately 0.12246% per annum,0.10883% per annum and 2.22794% per annum, respectively.

See Payments — Interest in this Supplement and Description of the Underlying MortgageLoans — Certain Terms and Conditions of the Underlying Mortgage Loans and Description of theCertificates — Distributions — Interest Distributions in the Information Circular.

Interest Only (Notional) Classes

X1, XAM and X3 do not receive principal payments. To calculate interest payments, X1 has anotional amount equal to the sum of the then-current principal balances of Underlying Classes A-1 andA-2, XAM has a notional amount equal to the then-current principal balance of Underlying Class A-Mand X3 has a notional amount equal to the sum of the then-current principal balances of theseries 2018-K77 class B, class C and class D certificates.

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For more specific information, see Description of the Certificates — Distributions — InterestDistributions in the Information Circular.

Principal

On each Payment Date, we pay principal on each of A-1, A-2 and A-M in an amount equal to theprincipal, if any, required to be paid on that Payment Date on its corresponding Underlying Class.

See Payments — Principal and Prepayment and Yield Analysis in this Supplement andDescription of the Certificates — Distributions — Principal Distributions in the Information Circular.

Static Prepayment Premiums and Yield Maintenance Charges

Any Static Prepayment Premium or Yield Maintenance Charge collected in respect of any ofthe Mortgages will be distributed to Underlying Classes A-1, A-2 and A-M, the series 2018-K77class B and class C certificates, Underlying Classes X1, XAM and X3 and the series 2018-K77class X2-A and class X2-B certificates, in the proportions described under Description of theCertificates — Distributions — Distributions of Static Prepayment Premiums and Yield MaintenanceCharges in the Information Circular. Any Static Prepayment Premiums or Yield Maintenance Chargesdistributed to Underlying Classes A-1, A-2, A-M, X1, XAM or X3 will be passed through to thecorresponding Classes of SPCs.

Our guarantee does not cover the payment of any Yield Maintenance Charges, Static PrepaymentPremiums or any other prepayment premiums related to the Mortgages.

Federal Income Taxes

If you own a Class of SPCs, you will be treated for federal income tax purposes as owning anundivided interest in the related Underlying Class. Each Underlying Class represents ownership in aREMIC “regular interest.”

See Certain Federal Income Tax Consequences in this Supplement, in the Offering Circular andin the Information Circular.

Weighted Average Lives

The Information Circular shows the weighted average lives and declining principal balances forUnderlying Classes A-1, A-2 and A-M and the weighted average lives and pre-tax yields forUnderlying Classes X1, XAM and X3, in each case, based on the assumptions described in theInformation Circular. The weighted average lives, declining principal balances and pre-tax yields, asapplicable, for each Class of SPCs would be the same as those shown in the Information Circular forits corresponding Underlying Class, based on these assumptions. However, these assumptions arelikely to differ from actual experience in many cases.

See Yield and Maturity Considerations — Weighted Average Lives of the Offered PrincipalBalance Certificates, — Yield Sensitivity of the Class X1, XAM and X3 Certificates and Exhibits Dand E in the Information Circular.

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Ratings

It is a condition to the issuance of the SPCs that they receive the ratings below from Fitch andDBRS. X3 will not be rated. See Ratings in this Supplement.

ClassRatings

Fitch/DBRS(1)

UnenhancedRatings Excluding Our

GuaranteeFitch/DBRS(2)

A-1 . . . . . . . . . . . . . . . . . . . . AAAsf/AAA(sf) AAAsf/AAA(sf)A-2 . . . . . . . . . . . . . . . . . . . . AAAsf/AAA(sf) AAAsf/AAA(sf)A-M . . . . . . . . . . . . . . . . . . . AAAsf/AA(sf) A+sf/AA(sf)X1 . . . . . . . . . . . . . . . . . . . . AAAsf/AAA(sf) AAAsf/AAA(sf)XAM . . . . . . . . . . . . . . . . . . AAAsf/AA(high)(sf) A+sf/AA(high)(sf)

(1) The Ratings column, in the case of the Fitch ratings, sets forth the ratings that are expected to be issued which take intoaccount our guarantee. The Ratings column, in the case of the DBRS ratings, sets forth the ratings that are expected to beissued, which do not take into account our guarantee.

(2) The Unenhanced Ratings Excluding Our Guarantee column sets forth the ratings that are expected to be issued by Fitch andDBRS, based on the underlying creditworthiness of the certificates, without taking into account our guarantee.

The ratings will be subject to ongoing monitoring, upgrades, downgrades, withdrawals andsurveillance by each Rating Agency after the date of issuance. The ratings do not address the likelyactual rate of prepayments on the Mortgages or the likelihood of payment of Static PrepaymentPremiums or Yield Maintenance Charges. The rate of prepayments, if different than originallyanticipated, could result in a lower than anticipated yield on the SPCs. In the case of X1 and XAM,reductions in their notional amounts due to rapid prepayments on the Mortgages or the application ofRealized Losses could cause the Holders of those Classes to fail to recover their initial investments.This would be consistent with the ratings received on X1 and XAM because all amounts due on X1and XAM will have been paid. Therefore, the ratings on X1 and XAM should be evaluatedindependently from similar ratings on other types of securities. See also Ratings in the InformationCircular for a description of the considerations applicable to the ratings of the Underlying Classes,which considerations are generally applicable to the ratings of the related SPCs.

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AVAILABLE INFORMATION

You should purchase SPCs only if you have read and understood:

• This Supplement.

• The Offering Circular.

• The attached Information Circular.

• The Incorporated Documents listed under Additional Information in the Offering Circular.

This Supplement incorporates the Offering Circular, including the Incorporated Documents, byreference. When we incorporate documents by reference, that means we are disclosing information toyou by referring to those documents rather than by providing you with separate copies. The OfferingCircular, including the Incorporated Documents, is considered part of this Supplement. Informationthat we incorporate by reference will automatically update information in this Supplement. You shouldrely only on the most current information provided or incorporated by reference in this Supplement.

You may read and copy any document we file with the SEC at the SEC’s public reference room at100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for furtherinformation on the public reference room. The SEC also maintains a website at http://www.sec.govthat contains reports, proxy and information statements, and other information regarding companiesthat file electronically with the SEC.

You can obtain, without charge, copies of the Offering Circular, including the IncorporatedDocuments, any documents we subsequently file with the SEC, the Multifamily Pass-Through TrustAgreement and current information concerning the SPCs, as well as the disclosure documents andcurrent information for any other securities we issue, from:

Freddie Mac — Investor Inquiry1551 Park Run Drive, Mailstop D5O

McLean, Virginia 22102-3110Telephone: 1-800-336-3672

((571) 382-4000 within the Washington, D.C. area)E-mail: [email protected]

We also make these documents available on our internet website at this address:

Internet Website*: www.freddiemac.com

You can also obtain the documents listed above from the Placement Agents named below at:

Credit Suisse Securities (USA) LLCProspectus Department11 Madison Avenue

New York, New York 10010-3629(212) 325-2580

Goldman Sachs & Co. LLCAttn: Prospectus Department

100 Burma RoadJersey City, New Jersey 07305

(212) 902-1171

* We are providing this internet address solely for the information of investors. We do not intend this internet address to be an active link andwe are not using references to this address to incorporate additional information into this Supplement, except as specifically stated in thisSupplement.

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The Underlying Depositor has prepared the Information Circular in connection with its saleof the Underlying Classes to us. The Underlying Depositor is responsible for the accuracy andcompleteness of the Information Circular, and we do not make any representations that it isaccurate or complete.

GENERAL INFORMATION

Multifamily Pass-Through Trust Agreement

We will form a trust fund to hold the Underlying Classes and to issue the SPCs, each pursuant tothe Multifamily Pass-Through Certificates Master Trust Agreement dated February 23, 2017 and aTerms Supplement dated the Closing Date (together, the “Multifamily Pass-Through TrustAgreement”). We will act as Trustee and Administrator under the Multifamily Pass-Through TrustAgreement.

You should refer to the Multifamily Pass-Through Trust Agreement for a complete description ofyour rights and obligations and those of Freddie Mac. You will acquire your SPCs subject to the termsand conditions of the Multifamily Pass-Through Trust Agreement, including the Terms Supplement.

Form of SPCs

The SPCs are issued, held and transferable on the DTC System. DTC or its nominee is the Holderof each Class. As an investor in SPCs, you are not the Holder. See Description of Pass-ThroughCertificates — Form, Holders and Payment Procedures in the Offering Circular.

Denominations of SPCs

A-1, A-2 and A-M will be issued, and may be held and transferred, in minimum original principalamounts of $1,000 and additional increments of $1. X1, XAM and X3 will be issued, and may be heldand transferred, in minimum original notional principal amounts of $100,000 and additional incrementsof $1.

Structure of Transaction

General

Each Class of SPCs represents the entire interest in a pass-through pool consisting of itscorresponding Underlying Class. Each Underlying Class represents an interest in the Underlying Trustformed by the Underlying Depositor. The Underlying Trust consists primarily of the Mortgagesdescribed under Description of the Underlying Mortgage Loans in the Information Circular. EachClass of SPCs receives the payments of principal and/or interest required to be made on itscorresponding Underlying Class.

In addition to the Underlying Classes, the Underlying Trust is issuing six other classes, certain ofwhich are subordinate to Underlying Classes A-1, A-2, A-M, X1 and XAM to the extent described inthe Information Circular. These additional classes will not be assets underlying the Classes of SPCsoffered hereby. The pooling and servicing agreement for the Underlying Trust (the “PoolingAgreement”) governs the Underlying Classes and these additional classes.

Each Underlying Class will bear interest at the same rate, and at all times will have the sameprincipal balance or notional amount, as its corresponding Class of SPCs. On the Closing Date, we will

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acquire the Underlying Classes from the Underlying Depositor. We will hold the Underlying Classes incertificated form on behalf of investors in the SPCs.

See Description of Pass-Through Certificates — Structured Pass-Through Certificates in theOffering Circular.

Credit Enhancement Features of the Underlying Trust

Underlying Classes A-1, A-2, X1 and XAM will have a payment priority over the subordinatedclasses issued by the Underlying Trust to the extent described in the Information Circular. UnderlyingClass A-M, which is subordinate to Underlying Classes A-1, A-2, X1 and XAM and theseries 2018-K77 class X2-A and class X2-B certificates, will have a payment priority over the othersubordinated classes issued by the Underlying Trust to the extent described in the Information Circular.Subordination is designed to provide the holders of those Underlying Classes with protection againstmost losses realized when the remaining unpaid amount on a Mortgage exceeds the amount of netproceeds recovered upon the liquidation of that Mortgage. In general, this is accomplished byallocating the Realized Losses among subordinated certificates as described in the InformationCircular. See Description of the Certificates — Distributions — Subordination in the InformationCircular.

Underlying Classes A-1, A-2 and A-M, in that order, will receive all of the principal payments onthe Mortgages until they are retired. Thereafter, the series 2018-K77 class B, class C and class Dcertificates, in that order, will be entitled to receive such principal payments. Because of losses on theMortgages and/or default-related or other unanticipated expenses of the Underlying Trust, the totalprincipal balance of the Underlying Class A-M and the series 2018-K77 class B, class C and class Dcertificates could be reduced to zero at a time when both Underlying Classes A-1 and A-2 remainoutstanding. Under those circumstances, any principal payments to Underlying Classes A-1 and A-2will be made on a pro rata basis in accordance with the then-outstanding total principal balances ofthose classes. See Description of the Certificates — Distributions — Principal Distributions and— Priority of Distributions in the Information Circular.

Ratings of Certain Underlying Classes

It is a condition to the issuance of Underlying Classes A-1, A-2, A-M, X1 and XAM (which backA-1, A-2, A-M, X1 and XAM, respectively, offered hereby) that Underlying Classes A-1, A-2, A-M,X1 and XAM receive the ratings below from Fitch and DBRS. Underlying Class X3 (which backs X3offered hereby) will not be rated. The ratings assigned to Underlying Classes A-1, A-2, A-M, X1 andXAM will be subject to on-going monitoring, upgrades, downgrades, withdrawals and surveillance byFitch and DBRS after the date of issuance of such Underlying Classes.

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Underlying ClassRatings

Fitch/DBRS(1)






See Ratings in the Information Circular, which further describes the ratings of UnderlyingClasses A-1, A-2, A-M, X1 and XAM and the series 2018-K77 class X2-A, class X2-B, class B andclass C certificates.

The Mortgages

The Mortgages consist of 60 fixed-rate mortgage loans, secured by 60 multifamily properties,including 2 manufactured housing community properties and 3 assisted living, memory care and/orindependent living facility properties. The Mortgages have an initial mortgage pool balance ofapproximately $1,220,551,618 as of June 1, 2018. All of the Mortgages are Balloon Loans.

Mortgages representing 26.4% of the initial mortgage pool balance do not provide for anyamortization prior to the related scheduled maturity date; and Mortgages representing 63.5% of theinitial mortgage pool balance provide for an interest-only period of between 24 and 60 monthsfollowing origination, followed by amortization for the balance of the loan term. Mortgagesrepresenting 99.9% of the initial mortgage pool balance permit the borrowers to defease suchMortgages, if certain conditions are met. See Description of the Underlying Mortgage Loans —Certain Terms and Conditions of the Underlying Mortgage Loans — Additional AmortizationConsiderations and — Release of Property Through Defeasance or Prepayment in the InformationCircular.

Description of the Underlying Mortgage Loans and Exhibits A-1, A-2 and A-3 in the InformationCircular further describe the Mortgages.

Credit Risk Retention

Freddie Mac, as the sponsor of the securitization in which the SPCs are to be issued, will satisfyits credit risk retention requirement under the Credit Risk Retention Rule of the Federal HousingFinance Agency (“FHFA”) at 12 C.F.R. Part 1234 pursuant to Section 1234.8 thereof. Freddie Mac iscurrently operating under the conservatorship of the FHFA with capital support from the United Statesand will fully guarantee the timely payment of principal and interest on all the SPCs.

PAYMENTS

Payment Dates; Record Dates

We make payments of principal and interest on the SPCs on each Payment Date, beginning inJuly 2018. A “Payment Date” is the 25th of each month or, if the 25th is not a Business Day, the nextBusiness Day.

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On each Payment Date, DTC credits payments to the DTC Participants that were owners of recordon the close of business on the last Business Day of the related Accrual Period.

Method of Payment

The Registrar makes payments to DTC in immediately available funds. DTC credits payments tothe accounts of DTC Participants in accordance with its normal procedures. Each DTC Participant, andeach other financial intermediary, is responsible for remitting payments to its customers.

Interest

General

We pay interest on each Payment Date on each Class of SPCs. The Classes bear interest asdescribed under Terms Sheet — Interest in this Supplement.

Accrual Period

The “Accrual Period” for each Payment Date is the preceding calendar month.

We calculate interest based on a 360-day year of twelve 30-day months.

Principal

We pay principal on each Payment Date on each of A-1, A-2 and A-M to the extent principal ispayable on its corresponding Underlying Class. Investors receive principal payments on a pro ratabasis among the SPCs of their Class.

See Terms Sheet — Principal in this Supplement and Description of the Certificates — Priority ofDistributions and — Distributions — Principal Distributions in the Information Circular.

Static Prepayment Premiums and Yield Maintenance Charges

Any Static Prepayment Premium or Yield Maintenance Charge collected in respect of any of theMortgages will be distributed to Underlying Classes A-1, A-2 and A-M, the series 2018-K77class X2-A and class X2-B certificates, the series 2018-K77 class B and class C certificates andUnderlying Classes X1, XAM and X3, in the proportions described under Description of theCertificates — Distributions — Distributions of Static Prepayment Premiums and Yield MaintenanceCharges in the Information Circular. Any Static Prepayment Premiums or Yield Maintenance Chargesdistributed to Underlying Classes A-1, A-2, A-M, X1, XAM or X3 will be passed through to thecorresponding Classes of SPCs.

Our guarantee does not cover the payment of any Yield Maintenance Charges, Static PrepaymentPremiums or any other prepayment premiums related to the Mortgages.

Class Factors

General

We make Class Factors for the Classes of SPCs available on or prior to each Payment Date. SeeDescription of Pass-Through Certificates — Payments — Class Factors in the Offering Circular.

Use of Factors

You can calculate principal and interest payments by using the Class Factors.

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For example, the reduction in the balance of a Class in February will equal its original balancetimes the difference between its January and February Class Factors. The amount of interest to be paidon a Class in February will equal interest at its Class Coupon, accrued during the related AccrualPeriod, on its balance determined by its January Class Factor.

Guarantees

We guarantee to each Holder of each Class of SPCs (a) the timely payment of interest at its ClassCoupon; (b) the payment of principal on A-1, A-2 and A-M, on the Payment Date immediatelyfollowing the maturity date of each Balloon Loan (to the extent of principal on such Class of SPCs thatwould have been payable from such Balloon Loan); (c) the reimbursement of any Realized Losses(including as a result of Additional Issuing Entity Expenses) allocated to each Class of SPCs; and(d) the ultimate payment of principal on A-1, A-2 and A-M by the Final Payment Date of such Class.Our guarantee does not cover any loss of yield on X1, XAM or X3 following a reduction of its notionalamount due to a reduction of the principal balance of any Underlying Classes or of the series 2018-K77class B, class C or class D certificates, nor does it cover the payment of any Yield MaintenanceCharges, Static Prepayment Premiums or any other prepayment premiums related to the Mortgages.See Description of Pass-Through Certificates — Guarantees in the Offering Circular and Descriptionof the Certificates — Distributions — Freddie Mac Guarantee in the Information Circular.

Optional Termination; Redemption

The Controlling Class Majority Holder for the Underlying Trust, but excluding Freddie Mac (asdefined in the Information Circular), the Underlying Special Servicer and the Underlying MasterServicer each will have the option, in a prescribed order, to purchase the Mortgages and other trustproperty and terminate the Underlying Trust on any Payment Date on which the total Stated PrincipalBalance of the Mortgages is less than 1% of the initial mortgage pool balance. In addition, with thesatisfaction of the conditions set forth in the proviso to the definition of “Sole Certificateholder” in theInformation Circular and with the consent of the Underlying Master Servicer, the SoleCertificateholder for the Underlying Trust (excluding Freddie Mac (as defined in the InformationCircular)) will have the right to exchange all of its certificates issued by the Underlying Trust (otherthan the series 2018-K77 class R certificates) for all of the Mortgages and the Underlying Trust’sinterest in REO Properties remaining in the Underlying Trust, resulting in the liquidation of theUnderlying Trust. See The Pooling and Servicing Agreement — Termination in the InformationCircular.

If a termination of the Underlying Trust occurs, each Class of SPCs will receive its unpaidprincipal balance, if any, plus interest for the related Accrual Period. We will give notice oftermination to Holders not later than the fifth Business Day of the month in which the termination willoccur, and each Class Factor we publish in that month will equal zero.

In addition, we will have the right to redeem the outstanding SPCs on any Payment Date when theaggregate remaining principal balance of A-1, A-2 and A-M would be less than 1% of their aggregateoriginal principal balance. We will give notice of any exercise of this right to Holders 30 to 60 daysbefore the redemption date. We will pay a redemption price equal to the unpaid principal balance, ifany, of each Class redeemed plus interest for the related Accrual Period.

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PREPAYMENT AND YIELD ANALYSIS

Mortgage Prepayments

The rates of principal payments on the Classes will depend primarily on the rates of principalpayments, including prepayments, on the related Mortgages. Each Mortgage may be prepaid, subject tocertain restrictions and requirements, including one of the following:

• a prepayment lockout and defeasance period, during which voluntary principalprepayments are prohibited (although, for a portion of that period, beginning no soonerthan the second anniversary of the Closing Date, the related Mortgage may be defeased),followed by an open prepayment period prior to maturity during which voluntary principalprepayments may be made without payment of any prepayment consideration;

• a prepayment lockout and defeasance period, during which voluntary principalprepayments are prohibited (although, for a portion of that period, beginning no soonerthan the second anniversary of the Closing Date, the related Mortgage may be defeased),followed by a prepayment consideration period during which voluntary principalprepayments are restricted by requiring that any voluntary principal prepayment made beaccompanied by a Static Prepayment Premium, followed by an open prepayment periodprior to maturity during which voluntary principal prepayments may be made withoutpayment of any prepayment consideration; or

• a prepayment consideration period during which voluntary principal prepayments must beaccompanied by the greater of a Static Prepayment Premium and a Yield MaintenanceCharge, followed by an open prepayment period prior to maturity during which voluntaryprincipal prepayments may be made without payment of any prepayment consideration.

In addition, 1 Mortgage requires the related borrower to prepay in part such Mortgage if the taxabatement benefiting the mortgaged real property is not obtained or renewed, as applicable.

Mortgage prepayment rates may fluctuate continuously and, in some market conditions,substantially.

See Prepayment, Yield and Suitability Considerations — Prepayments in the Offering Circular fora discussion of mortgage prepayment considerations and risks. Risk Factors, Description of theUnderlying Mortgage Loans and Yield and Maturity Considerations in the Information Circulardiscuss prepayment considerations for the Underlying Classes.

Yield

As an investor in SPCs, your yield will depend on:

• Your purchase price.

• The rate of principal payments on the underlying Mortgages.

• Whether an optional termination of the Underlying Trust occurs or the SPCs are redeemed.

• The actual characteristics of the underlying Mortgages.

• Whether the Class Coupon of your Class of SPCs is capped at the WAC Cap.

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• In the case of X1, XAM or X3, the extent to which its Class Coupon formula results inreductions or increases in its Class Coupon.

• The delay between each Accrual Period and the related Payment Date.

See Prepayment, Yield and Suitability Considerations — Yields in the Offering Circular for adiscussion of yield considerations and risks.

Suitability

The SPCs may not be suitable investments for you. See Prepayment, Yield and SuitabilityConsiderations — Suitability in the Offering Circular for a discussion of suitability considerations andrisks.

FINAL PAYMENT DATES

The Final Payment Date for each Class of SPCs is the latest date by which it will be paid in fulland will retire. The Final Payment Dates generally reflect the maturity dates of the Mortgages (exceptthat the X3 Final Payment Date is based on the latest date to which the maturity date of a Mortgagemay be modified under the terms of the Pooling Agreement) and assume, among other things, noprepayments or defaults on the Mortgages. The actual retirement of each Class may occur earlier thanits Final Payment Date.

CERTAIN FEDERAL INCOME TAX CONSEQUENCES

General

The following is a general discussion of federal income tax consequences of the purchase,ownership and disposition of the Classes of SPCs. It does not address all federal income taxconsequences that may apply to particular categories of investors, some of which may be subject tospecial rules. The tax laws and other authorities for this discussion are subject to change or differinginterpretations, and any change or interpretation could apply retroactively. You should consult your taxadvisor to determine the federal, state, local and any other tax consequences that may be relevant toyou.

Neither the SPCs nor the income derived from them is exempt from federal income, estate or gifttaxes under the Code by virtue of the status of Freddie Mac as a government-sponsored enterprise.Neither the Code nor the Freddie Mac Act contains an exemption from taxation of the SPCs or theincome derived from them by any state, any possession of the United States or any local taxingauthority.

Classification of Investment Arrangement

The arrangement under which each Class of SPCs is created and sold and the related pass-throughpool is administered will be classified as a grantor trust under subpart E, part I of subchapter J of theCode. As an investor in SPCs, you will be treated for federal income tax purposes as the owner of apro rata undivided interest in the related Underlying Class.

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Status of Classes

Upon the issuance of the Underlying Classes, Cadwalader, Wickersham & Taft LLP, counsel forthe Underlying Depositor, will deliver its opinion generally to the effect that, assuming compliancewith all the provisions of the Pooling Agreement and certain other documents:

• Specified portions of the assets of the Underlying Trust will qualify as multiple REMICsunder the Code.

• Each Underlying Class will represent ownership of a “regular interest” in one of thoseREMICs.

Accordingly, an investor in a Class of SPCs will be treated as owning a REMIC regular interest.

For information regarding the federal income tax consequences of investing in an UnderlyingClass, see Certain Federal Income Tax Consequences in the Information Circular.

Information Reporting

Within a reasonable time after the end of each calendar year, we will furnish or make available toeach Holder of each Class of SPCs such information as Freddie Mac deems necessary or desirable toassist beneficial owners in preparing their federal income tax returns, or to enable each Holder to makesuch information available to beneficial owners or financial intermediaries for which the Holder holdssuch SPCs as nominee.

LEGAL INVESTMENT CONSIDERATIONS

You should consult your legal advisor to determine whether the SPCs are a legal investment foryou and whether you can use the SPCs as collateral for borrowings. See Legal InvestmentConsiderations in the Offering Circular.

ACCOUNTING CONSIDERATIONS

You should consult your accountant for advice on the appropriate accounting treatment for yourSPCs. See Accounting Considerations in the Offering Circular.

ERISA CONSIDERATIONS

Fiduciaries of employee benefit plans should review ERISA Considerations in the OfferingCircular.

In addition, any purchaser, transferee or holder of SPCs or any interest therein that is a benefitplan investor as defined in 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA(a “Benefit Plan Investor”) or a fiduciary purchasing the SPCs on behalf of a Benefit Plan Investor(a “Plan Fiduciary”), should consider the impact of the new regulations promulgated at 29 C.F.R.Section 2510.3-21 (the “Fiduciary Rule”). In connection with the Fiduciary Rule, each investor that isa Benefit Plan Investor will be deemed to represent and warrant by its acquisition of the SPCs that theperson making the decision to invest in SPCs on behalf of the investor is an Independent Fiduciary (as

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defined in (4) below) and such Independent Fiduciary will be deemed to have represented, warrantedand agreed by its acquisition of the SPCs that:

(1) none of the Underlying Trust, Underlying Originators, the Underlying Seller, theUnderlying Depositor, the Underlying Master Servicer, the Underlying Special Servicer, theUnderlying Trustee or the Underlying Certificate Administrator and Custodian or any of theirrespective affiliates (the “Transaction Parties”), has provided or will provide impartial advicewith respect to the acquisition of the SPCs by the Benefit Plan Investor and none of them isundertaking to give any advice in a fiduciary capacity in connection with the investor’sacquisition of SPCs or any interest therein;

(2) the Plan Fiduciary either:

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the“Advisers Act”), or similar institution that is regulated and supervised and subject toperiodic examination by a State or Federal agency; or

(b) is an insurance carrier which is qualified under the laws of more than one state toperform the services of managing, acquiring or disposing of assets of a Plan investor; or

(c) is an investment adviser registered under the Advisers Act, or, if not registered as aninvestment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of theAdvisers Act, is registered as an investment adviser under the laws of the state in which itmaintains its principal office and place of business; or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934, asamended; or

(e) has, and at all times that the Benefit Plan Investor is invested in the SPCs will have,total assets of at least U.S. $50,000,000 under its management or control (provided that thisclause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of theowner of an investing individual retirement account or (ii) a participant or beneficiary of theBenefit Plan Investor investing in or holding the SPCs in such capacity);

(3) the Plan Fiduciary is capable of evaluating investment risks independently, both ingeneral and with respect to particular transactions and investment strategies, including theacquisition by the Benefit Plan Investor of the SPCs;

(4) the Plan Fiduciary is a “fiduciary” within the meaning of Section 3(21) of ERISA andSection 4975 of the Code and an “independent fiduciary” within the meaning of the FiduciaryRule with respect to the Benefit Plan Investor, and is responsible for exercising independentjudgment in evaluating the Benefit Plan Investor’s acquisition of the SPCs (“IndependentFiduciary”);

(5) neither the Benefit Plan Investor nor the Plan Fiduciary is paying or has paid any fee orother compensation directly to any of the Transaction Parties for investment advice (as opposed toother services) in connection with the Benefit Plan Investor’s acquisition or holding of the SPCs;

(6) none of the Transaction Parties has exercised any authority to cause the Benefit PlanInvestor to invest in the SPCs or to negotiate the terms of the Benefit Plan Investor’s investmentin the SPCs; and

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(7) the Plan Fiduciary acknowledges and agrees that it has been informed by the TransactionParties:

(a) that none of the Transaction Parties is undertaking to provide impartial investmentadvice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investor’sacquisition of the SPCs; and

(b) of the existence and nature of the Transaction Parties financial interests in theBenefit Plan Investor’s acquisition of the SPCs.

These representations are intended to comply with the 29 C.F.R. Sections 2510.3-21(a) and (c)(1)as modified on April 8, 2016. If these sections of the Fiduciary Rule are revoked, repealed or no longereffective, these representations shall be deemed to be no longer in effect.

None of the Transaction Parties is undertaking to provide impartial investment advice, or to giveadvice in a fiduciary capacity, in connection with the acquisition of any SPCs by any Benefit PlanInvestor.

RATINGS

It is a condition to the issuance of the SPCs that they receive the ratings below from Fitch andDBRS. X3 will not be rated.

ClassRatings

Fitch/DBRS(1)






A credit rating is not a recommendation to buy, sell or hold securities and may be revised orwithdrawn at any time by the assigning rating agency. The ratings may not reflect the potential impactof all risks related to prepayment, price, market, liquidity, structure, redemption and other factors thatmay affect the value of the rated securities. A reduction in any of the current ratings of A-1, A-2, A-M,X1 or XAM could adversely affect their liquidity, market value and regulatory characteristics.

The ratings will be subject to ongoing monitoring, upgrades, downgrades, withdrawals andsurveillance by each Rating Agency after the date of issuance. The ratings do not address the likelyactual rate of prepayments on the Mortgages or the likelihood of payment of Static PrepaymentPremiums or Yield Maintenance Charges. The rate of prepayments, if different than originallyanticipated, could result in a lower than anticipated yield on the SPCs. In the case of X1 and XAM,reductions in their notional amounts due to rapid prepayments on the Mortgages or the application ofRealized Losses could cause the Holders of those Classes to fail to recover their initial investments.This would be consistent with the ratings received on X1 and XAM because all amounts due on X1and XAM will have been paid. Therefore, the ratings on X1 and XAM should be evaluatedindependently from similar ratings on other types of securities. See also Ratings in the Information

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Circular for a description of the considerations applicable to the ratings of the Underlying Classes,which considerations are generally applicable to the ratings of the related SPCs.

PLAN OF DISTRIBUTION

Under an agreement with the Placement Agents, they have agreed to purchase all of the SPCs notplaced with third parties for resale to us.

Our agreement with the Placement Agents provides that we will indemnify them against certainliabilities.

LEGAL MATTERS

Our General Counsel or one of our Deputy General Counsels will render an opinion on thelegality of the SPCs. Cadwalader, Wickersham & Taft LLP is representing the Underlying Depositorand the Placement Agents on legal matters concerning the SPCs. That firm is also rendering certainlegal services to us with respect to the SPCs.

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Appendix A

Selling Restrictions

NOTICE TO RESIDENTS OF THE REPUBLIC OF KOREA

THIS OFFERING CIRCULAR SUPPLEMENT IS NOT, AND UNDER NO CIRCUMSTANCES ISTO BE CONSTRUED AS, A PUBLIC OFFERING OF SECURITIES IN KOREA. NEITHERFREDDIE MAC NOR ANY OF ITS AGENTS MAKE ANY REPRESENTATION WITH RESPECTTO THE ELIGIBILITY OF ANY RECIPIENTS OF THIS OFFERING CIRCULAR SUPPLEMENTTO ACQUIRE THE SPCs UNDER THE LAWS OF KOREA, INCLUDING, BUT WITHOUTLIMITATION, THE FOREIGN EXCHANGE TRANSACTION LAW AND REGULATIONSTHEREUNDER (THE “FETL”). THE SPCs HAVE NOT BEEN REGISTERED WITH THEFINANCIAL SERVICES COMMISSION OF KOREA FOR PUBLIC OFFERING IN KOREA, ANDNONE OF THE SPCs MAY BE OFFERED, SOLD OR DELIVERED, DIRECTLY ORINDIRECTLY, OR OFFERED OR SOLD TO ANY PERSON FOR RE-OFFERING OR RESALE,DIRECTLY OR INDIRECTLY IN KOREA OR TO ANY RESIDENT OF KOREA EXCEPTPURSUANT TO THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACTAND THE DECREES AND REGULATIONS THEREUNDER (THE “FSCMA”), THE FETL ANDANY OTHER APPLICABLE LAWS, REGULATIONS AND MINISTERIAL GUIDELINES INKOREA.

NOTICE TO RESIDENTS OF THE PEOPLE’S REPUBLIC OF CHINA

THE SPCs WILL NOT BE OFFERED OR SOLD IN THE PEOPLE’S REPUBLIC OF CHINA(EXCLUDING HONG KONG, MACAU AND TAIWAN, THE “PRC”) AS PART OF THE INITIALDISTRIBUTION OF THE SPCs BUT MAY BE AVAILABLE FOR PURCHASE BY INVESTORSRESIDENT IN THE PRC FROM OUTSIDE THE PRC.

THIS OFFERING CIRCULAR SUPPLEMENT DOES NOT CONSTITUTE AN OFFER TO SELLOR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN THE PRC TO ANYPERSON TO WHOM IT IS UNLAWFUL TO MAKE THE OFFER OR SOLICITATION IN THEPRC.

THE PRC DOES NOT REPRESENT THAT THIS OFFERING CIRCULAR SUPPLEMENT MAYBE LAWFULLY DISTRIBUTED, OR THAT ANY SPCs MAY BE LAWFULLY OFFERED, INCOMPLIANCE WITH ANY APPLICABLE REGISTRATION OR OTHER REQUIREMENTS INTHE PRC, OR PURSUANT TO AN EXEMPTION AVAILABLE THEREUNDER, OR ASSUMEANY RESPONSIBILITY FOR FACILITATING ANY SUCH DISTRIBUTION OR OFFERING. INPARTICULAR, NO ACTION HAS BEEN TAKEN BY THE PRC WHICH WOULD PERMIT APUBLIC OFFERING OF ANY SPCs OR THE DISTRIBUTION OF THIS OFFERING CIRCULARSUPPLEMENT IN THE PRC. ACCORDINGLY, THE SPCs ARE NOT BEING OFFERED ORSOLD WITHIN THE PRC BY MEANS OF THIS OFFERING CIRCULAR SUPPLEMENT OR ANYOTHER DOCUMENT. NEITHER THIS OFFERING CIRCULAR SUPPLEMENT NOR ANYADVERTISEMENT OR OTHER OFFERING MATERIAL MAY BE DISTRIBUTED ORPUBLISHED IN THE PRC, EXCEPT UNDER CIRCUMSTANCES THAT WILL RESULT INCOMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS.

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NOTICE TO RESIDENTS OF JAPAN

THE SPCs HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE FINANCIALINSTRUMENTS EXCHANGE ACT OF JAPAN (LAW NO. 25 OF 1948, AS AMENDED (THE“FIEL”)), AND EACH INITIAL PURCHASER HAS AGREED THAT IT WILL NOT OFFER ORSELL ANY SPCs, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT OF,ANY JAPANESE PERSON, OR TO OTHERS FOR RE-OFFERING OR RESALE, DIRECTLY ORINDIRECTLY, IN JAPAN OR TO ANY JAPANESE PERSON, EXCEPT PURSUANT TO ANEXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, AND OTHERWISE INCOMPLIANCE WITH, THE FIEL AND ANY OTHER APPLICABLE LAWS ANDREGULATIONS. FOR THE PURPOSES OF THIS PARAGRAPH, “JAPANESE PERSON” SHALLMEAN ANY PERSON RESIDENT IN JAPAN, INCLUDING ANY CORPORATION OR OTHERENTITY ORGANIZED UNDER THE LAWS AND REGULATIONS OF JAPAN.

NOTICE TO RESIDENTS OF HONG KONG

THE SPCs ARE NOT BEING OFFERED OR SOLD AND WILL NOT BE OFFERED OR SOLD INHONG KONG, BY MEANS OF ANY DOCUMENT (EXCEPT FOR SPCs WHICH ARE A“STRUCTURED PRODUCT” AS DEFINED IN THE SECURITIES AND FUTURES ORDINANCE(CAP. 571) (THE “SFO”) OF HONG KONG) OTHER THAN (A) TO “PROFESSIONALINVESTORS” AS DEFINED IN THE SFO AND ANY RULES MADE UNDER THE SFO; OR(B) IN OTHER CIRCUMSTANCES WHICH DO NOT RESULT IN THE DOCUMENT BEING A“PROSPECTUS” AS DEFINED IN THE COMPANIES (WINDING UP AND MISCELLANEOUSPROVISIONS) ORDINANCE (CAP. 32) (THE “C(WUMP)O”) OF HONG KONG OR WHICH DONOT CONSTITUTE AN OFFER TO THE PUBLIC WITHIN THE MEANING OF THEC(WUMP)O. NO ADVERTISEMENT, INVITATION OR DOCUMENT RELATING TO THE SPCsHAS BEEN ISSUED OR WILL BE ISSUED, WHETHER IN HONG KONG OR ELSEWHERE,WHICH IS DIRECTED AT, OR THE CONTENTS OF WHICH ARE LIKELY TO BE ACCESSEDOR READ BY, THE PUBLIC OF HONG KONG (EXCEPT IF PERMITTED TO DO SO UNDERTHE SECURITIES LAWS OF HONG KONG) OTHER THAN WITH RESPECT TO SPCs WHICHARE OR ARE INTENDED TO BE DISPOSED OF ONLY TO PERSONS OUTSIDE HONG KONGOR ONLY TO “PROFESSIONAL INVESTORS” AS DEFINED IN THE SFO AND ANY RULESMADE UNDER THE SFO.

NOTICE TO RESIDENTS OF EUROPEAN ECONOMIC AREA

THIS OFFERING CIRCULAR SUPPLEMENT IS NOT A PROSPECTUS FOR THE PURPOSES OFTHE PROSPECTUS DIRECTIVE (AS DEFINED BELOW).

THE SPCs ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADEAVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADEAVAILABLE TO ANY RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA (THE“EEA”). FOR THESE PURPOSES, A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (ORMORE) OF THE FOLLOWING:

(I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF DIRECTIVE2014/65/EU (AS AMENDED, “MIFID II”); OR

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(II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE 2002/92/EC, WHERE THATCUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED INPOINT (10) OF ARTICLE 4(1) OF MIFID II; OR

(III) NOT A QUALIFIED INVESTOR AS DEFINED IN DIRECTIVE 2003/71/EC (ASAMENDED, THE “PROSPECTUS DIRECTIVE”).

CONSEQUENTLY, NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU)NO 1286/2014 (AS AMENDED, THE “PRIIPS REGULATION”) FOR OFFERING OR SELLINGTHE SPCs OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THEEEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE SPCs OROTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA MAYBE UNLAWFUL UNDER THE PRIIPS REGULATION. FURTHERMORE, THIS OFFERINGCIRCULAR SUPPLEMENT HAS BEEN PREPARED ON THE BASIS THAT ANY OFFER OFSPCs IN THE EEA WILL ONLY BE MADE TO A LEGAL ENTITY WHICH IS A QUALIFIEDINVESTOR UNDER THE PROSPECTUS DIRECTIVE. ACCORDINGLY, ANY PERSONMAKING OR INTENDING TO MAKE AN OFFER IN THE EEA OF THE SPCs MAY ONLY DOSO WITH RESPECT TO QUALIFIED INVESTORS. NONE OF THE ISSUING ENTITY, FREDDIEMAC OR ANY PLACEMENT AGENT HAS AUTHORIZED, NOR DOES ANY OF THEMAUTHORIZE, THE MAKING OF ANY OFFER OF SPCs OTHER THAN TO QUALIFIEDINVESTORS.

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0.2% - 4.9%

5.0% - 9.9%

10.0% - 18.6%

Percentage ofInitial Mortgage Pool Balance

Connecticut3 properties$100,198,000 8.2% of total

Massachusetts4 properties$31,236,000 2.6% of total

Pennsylvania1 property$15,000,000 1.2% of total

New York1 property$3,500,000 0.3% of total

Texas8 properties$215,868,861 17.7% of total

Oklahoma2 properties$41,506,000 3.4% of total

Virginia4 properties$23,206,474 1.9% of total

Colorado1 property$42,500,000 3.5% of total

Florida7 properties$122,170,000 10.0% of total

Georgia3 properties$54,774,000 4.5% of total

North Carolina1 property$21,135,000 1.7% of total

South Carolina1 property$12,984,987 1.1% of total

Michigan1 property$3,511,658 0.3% of total

Illinois4 properties$117,617,000 9.6% of total

Wisconsin1 property$6,199,000 0.5% of total

Missouri1 property$16,000,000 1.3% of total

Kansas1 property$2,472,000 0.2% of total

Utah1 property$12,973,000 1.1% of total

Washington3 properties$41,941,783 3.4% of total

Louisiana2 properties$28,474,000 2.3% of total

California6 properties$227,265,856 18.6% of total

Nevada4 properties$80,018,000 6.6% of total

Multifamily Mortgage Pass-Through Certificates Series 2018-K77FREMF 2018-K77 Mortgage Trust

This summary highlights selected information from this information circular and does not contain all of the information that you need to consider in making your investment decision. To understand all of the terms of the offered certificates, you should carefully read this information circular in its entirety prior to making an investment in any offered certificates, including the information set forth under “Risk Factors” in this information circular. This summary provides an overview of certain information to aid your understanding and is qualified by the full description presented in this information circular.

per annum

provided

per annum

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per annum

per annum

per annum

per annum

per annum

per annum

per annum

per annum

per annum

per annum

provided

(Depositor)

(Mortgage Loan Seller and Guarantor of the offered

certificates)

(Issuing Entity)

(Master Servicer)

(Sub-Servicers)

(Special Servicer)

(Trustee)

(Certificate Administrator and Custodian)

(Originators)

pro rata

pro rata

provided

pro rata

www.ctslink.com

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provided

www.fitchratings.comwww.dbrs.com

The Underlying Mortgage Loans Are Nonrecourse

Repayment of Each of the Underlying Mortgage Loans Will Be Dependent on the Cash Flow Produced by the Related Mortgaged Real Property, Which Can Be Volatile and Insufficient to Allow Timely Distributions on the Offered Certificates, and on the Value of the Related Mortgaged Real Property, Which May Fluctuate Over Time

Criminal Activity May Adversely Affect Property Performance

Forfeiture (Including for Drug, RICO and Money Laundering Violations) May Present Risks

Borrowers May Be Unable to Make Balloon Payments

Modifications of the Underlying Mortgage Loans

Multifamily Lending Subjects Your Investment to Special Risks that Are Not Associated with Single-Family Residential Lending

Certain Multifamily Properties May Contain Commercial Components.

Cooperatively-Owned Apartment Buildings Subject Your Investment to Special Risks

pro rata

The Source of Repayment on the Offered Certificates Will Be Limited to Payments and Other Collections on the Underlying Mortgage Loans

All of the Underlying Mortgage Loans Are Secured by Multifamily Rental Properties, Thereby Materially Exposing Offered Certificateholders to Risks Associated with the Performance of Multifamily Rental Properties

The Successful Operation of a Multifamily Property Depends on Tenants

Healthcare-Related Properties Pose Risks Not Associated with Other Types of Multifamily Properties

Manufactured Housing Community Properties Pose Risks Not Associated With Other Types of Multifamily Properties.

Student Housing Facilities Pose Risks Not Associated With Other Types of Multifamily Properties.

The Success of an Income-Producing Property Depends on Reletting Vacant Spaces

Property Value May Be Adversely Affected Even When Current Operating Income Is Not

Maintaining a Property in Good Condition May Be Costly

Competition Will Adversely Affect the Profitability and Value of an Income-Producing Property

Borrower Bankruptcy Proceedings Can Delay and Impair Recovery on an Underlying Mortgage Loan.

Liona Corp., Inc. v. PCH Associates (In re PCH Associates)

Fraudulent Transfer and Enforceability Considerations

Property Management Is Important to the Successful Operation of the Mortgaged Real Property

The Performance of an Underlying Mortgage Loan and the Related Mortgaged Real Property Depends in Part on Who Controls the Borrower and the Related Mortgaged Real Property

Losses on Larger Loans May Adversely Affect Distributions on the Certificates

Enforceability of Cross-Collateralization Provisions May Be Challenged and the Benefits of Cross-Collateralization and Cross-Default Provisions May Otherwise Be Limited

Underlying Mortgage Loans to the Same Borrower or Borrowers Under Common Ownership May Result in More Severe Losses on the Offered Certificates

A Borrower’s Other Loans May Reduce the Cash Flow Available to Operate and Maintain the Related Mortgaged Real Property or May Interfere with the Issuing Entity’s Rights Under the Related Underlying Mortgage Loan, Thereby Adversely Affecting Distributions on the Offered Certificates

Changes in Mortgage Pool Composition Can Change the Nature of Your Investment

Geographic Concentration of the Mortgaged Real Properties May Adversely Affect Distributions on the Offered Certificates

Subordinate Financing Increases the Likelihood That a Borrower Will Default on an Underlying Mortgage Loan.

The Type of Borrower May Entail Risk.

Tenants-in-Common

Certain of the Underlying Mortgage Loans May Have Land Trust Borrowers

Certain of the Underlying Mortgage Loans Lack Customary Provisions

Some Remedies May Not Be Available Following a Mortgage Loan Default

Sponsor Defaults on Other Mortgage Loans May Adversely Impact and Impair Recovery on an Underlying Mortgage Loan

Lending on Income-Producing Real Properties Entails Environmental Risks

Appraisals and Market Studies May Inaccurately Reflect the Current or Prospective Value of the Mortgaged Real Properties

Property Managers and Borrowers May Each Experience Conflicts of Interest in Managing Multiple Properties

The Master Servicer, the Special Servicer and any Sub-Servicers May Experience Conflicts of Interest

If the Master Servicer, any Sub-Servicer or the Special Servicer Purchases Certificates or SPCs, a Conflict of Interest Could Arise Between Their Duties and Their Interests in the Certificates or SPCs.

Potential Conflicts of Interest in the Selection and Servicing of the Underlying Mortgage Loans

The Master Servicer and the Special Servicer Will Be Required to Service Certain Underlying Mortgage Loans in Accordance with Freddie Mac Servicing Practices, Which May Limit the Ability of the Master Servicer and the Special Servicer to Make Certain Servicing Decisions

Some of the Mortgaged Real Properties Are Legal Nonconforming Uses or Legal Nonconforming Structures.

Changes in Zoning Laws May Affect Ability to Repair or Restore a Mortgaged Real Property

Lending on Income-Producing Properties Entails Risks Related to Property Condition

World Events and Natural Disasters Could Have an Adverse Impact on the Mortgaged Real Properties Securing the Underlying Mortgage Loans and Consequently Could Reduce the Cash Flow Available to Make Payments on the Offered Certificates.

Special Hazard Losses May Cause You to Suffer Losses on the Offered Certificates.

The Absence or Inadequacy of Terrorism Insurance Coverage on the Mortgaged Real Properties May Adversely Affect Payments on the Certificates

The Absence or Inadequacy of Earthquake, Flood and Other Insurance May Adversely Affect Payments on the Certificates.

Compliance with Americans with Disabilities Act May Result in Additional Costs to Borrowers

Limited Information Causes Uncertainty.

Litigation May Adversely Affect Property Performance

Master Servicer and Special Servicer May Be Directed to Take Actions

The Mortgage Loan Seller May Not Be Able to Make a Required Cure, Repurchase or Substitution of a Defective Mortgage Loan

The Mortgage Loan Seller May Become Subject to Receivership Laws That May Affect the Issuing Entity’s Ownership of the Underlying Mortgage Loans

One Action Rules May Limit Remedies

Tax Considerations Related to Foreclosure

Changes to REMIC Restrictions on Loan Modifications May Impact an Investment in the Certificates

The Issuing Entity’s Assets May Be Insufficient to Allow for Repayment in Full on the Offered Certificates

Credit Support Is Limited and May Not Be Sufficient to Prevent Loss on the Offered Certificates.

The Offered Certificates Have Uncertain Yields to Maturity

pro rata

Optional Early Termination of the Issuing Entity May Result in an Adverse Impact on Your Yield or May Result in a Loss

Commencing Legal Proceedings Against Parties to the Pooling and Servicing Agreement May Be Difficult

The Limited Nature of Ongoing Information May Make It Difficult for You to Resell the Certificates

The Right of the Master Servicer and the Trustee to Receive Interest on Advances May Result in Additional Losses to the Issuing Entity

Insolvency Proceedings with Respect to the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator May Adversely Affect Collections on the Underlying Mortgage Loans and the Ability to Replace the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator

Inability to Replace the Master Servicer Could Affect Collections and Recoveries on the Mortgage Loans.

The Terms of the Underlying Mortgage Loans Will Affect Payments on the Offered Certificates

The Terms of the Underlying Mortgage Loans Do Not Provide Absolute Certainty as Regards the Rate, Timing and Amount of Payments on the Offered Certificates

Prepayments on the Underlying Mortgage Loans Will Affect the Average Lives of the Offered Certificates; and the Rate and Timing of Those Prepayments May Be Highly Unpredictable

pro rata

Potential Conflicts of Interest of the Mortgage Loan Seller, the Depositor and the Depositor’s Affiliates

Potential Conflicts of Interest of the Placement Agents and Their Affiliates

Your Lack of Control Over the Issuing Entity Can Adversely Impact Your Investment

The Interests of the Directing Certificateholder or Freddie Mac May Be in Conflict with the Interests of the Offered Certificateholders

You May Be Bound by the Actions of Other Certificateholders

The Volatile Economy and Credit Disruptions May Adversely Affect the Value and Liquidity of Your Investment

Other Events or Circumstances May Affect the Value and Liquidity of Your Investment

Legal and Regulatory Provisions Affecting Investors Could Adversely Affect the Liquidity of Your Investment

The Prospective Performance of the Mortgage Loans Included in the Issuing Entity Should Be Evaluated Separately from the Performance of the Mortgage Loans in Any of Our Other Trusts

The Market Value of the Certificates Will Be Sensitive to Factors Unrelated to the Performance of the Certificates and the Underlying Mortgage Loans.

Future Events Could Have an Adverse Impact on the Ratings Assigned to the Rated Certificates

Rating Agency Feedback

The Conservator May Repudiate Freddie Mac’s Contracts, Including Its Guarantee and Other Obligations Related to the Offered Certificates.

Future Legislation and Regulatory Actions Will Likely Affect the Role of Freddie Mac

FHFA Could Terminate the Conservatorship by Placing Freddie Mac into Receivership, Which Could Adversely Affect the Freddie Mac Guarantee.

General

The Guide.

www.allregs.comhttps://mf.freddiemac.com

Mortgage Loan Purchase Standards

Eligible Sellers, Servicers and Warranties

Mortgage Loan Servicing Policies and Procedures

Due Dates

Mortgage Interest Rates; Calculations of Interest

Term to Maturity

Balloon Loans

Additional Amortization Considerations

Prepayment Provisions

Lockboxes

Escrow and Reserve Accounts

Release of Property Through Defeasance or Prepayment.

Due-on-Sale and Due-on-Encumbrance Provisions

Permitted Additional Debt

provided

Property Damage, Liability and Other Insurance

provided

provided

Cooperative Ownership

Borrower Structures.

Delinquencies

Title, Survey and Similar Issues

Restrictive Covenants and Contractual Covenants

Low Income Housing Tax Credits

Rental Subsidy Programs

Tax Abatements and Exemptions

Litigation

Healthcare-Related Properties.

Manufactured Housing Community Properties

Redevelopment or Renovation

General

Environmental Assessments

Property Condition Assessments and Physical Risk Reports

Appraisals and Market Studies

Zoning and Building Code Compliance

provided

pro forma

provided

pro forma

provided

Certain Legal Aspects of Mortgaged Real Properties Located in California

Certain Legal Aspects of Mortgaged Real Properties Located in Texas

Certain Legal Aspects of Mortgaged Real Properties Located in Florida

General

Deposits

Withdrawals

per annum

per annumper annum

per annum

per annum

per annum

per annum

per annum

General

Interest Distributions

Calculation of Pass-Through Rates

provided

provided

per annum

per annum

per annum

per annum

per annum

per annum

per annum

per annum

Principal Distributions

pro rata

first second

third fourth

Loss Reimbursement Amounts

Freddie Mac Guarantee

Priority of Distributions

pro rata

pro rata

provided

provided

provided

*

pro rata

Subordination

pro rata

Distributions of Static Prepayment Premiums and Yield Maintenance Charges

providedprovided further

pro ratapro rata

first

thereafter

provided

* Pro rata

Certificate Administrator Reports

Information Available Electronically

provided however

www.ctslink.com

Other Information

Reports to Freddie Mac

Deal Information/Analytics

www.ctslink.com


General

Freddie Mac Guarantee

Pass-Through Rates

Rate and Timing of Principal Payments

Delinquencies and Defaults on the Underlying Mortgage Loans

Relevant Factors

Delay in Distributions

first

secondthird

fourth thereafter

pro rata


www.sec.gov

CWCapital Cobalt Vr Ltd. v. CWCapital Investments LLC, et al.

www.cbreloanservices.com

provided however

Resignation of the Master Servicer or the Special Servicer

Removal of the Master Servicer, the Special Servicer and any Sub-Servicer

provided however

Transfer of Servicing Duties

General

www.allregs.com

The Servicing Fee

per annum

Prepayment Interest Shortfalls

provided

Principal Special Servicing Compensation

provided

Additional Servicing Compensation

Servicing Advances

per annum

first

then

provided

provided, further

provided

provided

General

Deposits

Withdrawals

provided

provided

Purchase Option

provided

provided

provided

provided

provided however

provided further however,

Foreclosure and Similar Proceedings

REO Properties

REO Account

Liquidation Proceeds

Specially Serviced Mortgage Loans

Directing Certificateholderprovided

provided

Asset Status Report

provided

provided however

provided however

provided however

provided however

provided

provided further

de minimis

de minimis

provided

provided

pro rata

General

Original Issue Discount

provided

de minimis

i.e.

i.e.de minimis pro rata

de minimis

Acquisition Premium

pro rata

Market Discount

i.e.

de minimis pro rata

Premium

Election to Treat All Interest Under the Constant Yield Method

de minimisde minimis

Treatment of Losses

Sale or Exchange of Regular Certificates

Prohibited Transactions

Contributions to a REMIC After the Startup Day

Net Income from Foreclosure Property

Bipartisan Budget Act of 2015

Generali.e.

provided

www.fitchratings.com www.dbrs.com

provided

per annum

provided however

provided

per annum

provided, however,

provided however

per annum

provided, however

pro forma

provided that

provided however

provided

provided

provided

provided however

provided

Exhibit A-1 FREMF 2018-K77

Loan No. / Property No. Footnotes

Number of Properties Property Name Originator Street Address Property City Property State Zip Code County Property Type Property Subtype

1 1 The Pavilion Apartments KeyBank National Association 5441 North East River Road Chicago IL 60656 Cook Multifamily High Rise2 1 The Paseos Apartment Homes KeyBank National Association 4914 Olive Street Montclair CA 91763 San Bernardino Multifamily Garden3 1 The Ashmore Berkeley Point Capital LLC 4201 Fairmont Parkway Pasadena TX 77504 Harris Multifamily Garden4 (12) 1 North Pointe Apartments CBRE Capital Markets, Inc. 6801 Leisure Town Road Vacaville CA 95688 Solano Multifamily Garden5 1 Broadmoor Apartments Greystone Servicing Corporation, Inc. 650 Mix Avenue Hamden CT 06514 New Haven Multifamily Mid Rise6 1 Monaco Lakes Apartments CBRE Capital Markets, Inc. 6165 East Iliff Avenue Denver CO 80222 Denver Multifamily Garden

7 1 Park Sierra Apartments Walker & Dunlop, LLC 6450 Dougherty Road Dublin CA 94568 Alameda Multifamily Garden

8 1 Hawthorne At Kennesaw Walker & Dunlop, LLC 4045 George Busbee Parkway Northwest Kennesaw GA 30144 Cobb Multifamily Garden9 1 Abbey At Stone Oak Capital One Multifamily Finance, LLC 20659 Stone Oak Parkway San Antonio TX 78258 Bexar Multifamily Garden

10 1 Deep Deuce Berkadia Commercial Mortgage LLC 314 Northeast 2nd Street Oklahoma City OK 73104 Oklahoma Multifamily Garden11 1 Raleigh House NorthMarq Capital, LLC 4450 South Ridge Road McKinney TX 75070 Collin Multifamily Garden12 1 Landmark At Crescent Ridge Walker & Dunlop, LLC 2001 Hodges Boulevard Jacksonville FL 32224 Duval Multifamily Garden

13 1 Landmark Grand Champion Holliday Fenoglio Fowler, L.P. 11201 Boudreaux Road Tomball TX 77375 Harris Multifamily Student14 1 The Ridge CBRE Capital Markets, Inc. 6805 Wood Hollow Drive Austin TX 78731 Travis Multifamily Garden15 (13)(14) 1 Cedarhurst Of Waterloo CBRE Multifamily Capital, Inc. 518 Legacy Drive Waterloo IL 62298 Monroe Multifamily Assisted Living

16 (13)(14) 1 Cedarhurst Of Highland CBRE Multifamily Capital, Inc. 220 Field Crossing Drive Highland IL 62249 Madison Multifamily Assisted Living

17 (13)(14) 1 Cedarhurst Of Breese CBRE Multifamily Capital, Inc. 13887 Progress Drive Breese IL 62230 Clinton Multifamily Assisted Living

18 1 Middletown Ridge KeyBank National Association 100 Town Ridge Middletown CT 06457 Middlesex Multifamily Garden19 1 Middletown Brooke Apartment Homes KeyBank National Association 100 Town Brooke Middletown CT 06457 Middlesex Multifamily Garden20 1 Porta Rossa Apartments Holliday Fenoglio Fowler, L.P. 1201 West Gonzales Road Oxnard CA 93036 Ventura Multifamily Garden21 1 Carriage House Apartments CBRE Capital Markets, Inc. 4714 Northeast 72nd Avenue Vancouver WA 98661 Clark Multifamily Garden22 1 Collage Apartment Homes CBRE Capital Markets, Inc. 6100 Carmen Boulevard Las Vegas NV 89108 Clark Multifamily Garden23 1 Hawthorne At New Centre KeyBank National Association 119 Dapple Court Wilmington NC 28403 New Hanover Multifamily Garden24 1 Legacy Pointe Apartments CBRE Capital Markets, Inc. 1770 North Green Valley Parkway Henderson NV 89074 Clark Multifamily Garden25 1 Sylmar Mountain View Apartments CBRE Capital Markets, Inc. 14067 Astoria Street Sylmar CA 91342 Los Angeles Multifamily Garden26 1 Beneva Place Berkeley Point Capital LLC 3451 Queens Street Sarasota FL 34231 Sarasota Multifamily Garden27 1 Kaleidoscope Apartment Homes CBRE Capital Markets, Inc. 2500 North Rainbow Boulevard Las Vegas NV 89108 Clark Multifamily Garden28 1 Palm Springs Apartments Berkadia Commercial Mortgage LLC 801 Rich Drive Palm Springs FL 33406 Palm Beach Multifamily Garden29 1 Carriage Park Apartments CBRE Capital Markets, Inc. 5000 Northeast 72nd Avenue Vancouver WA 98661 Clark Multifamily Garden30 1 Centerpoint Apartments Berkeley Point Capital LLC 5905 West Charleston Boulevard Las Vegas NV 89146 Clark Multifamily Garden

31 1 Stockwell Landing Berkeley Point Capital LLC 2175 Stockwell Road Bossier City LA 71111 Bossier Multifamily Garden32 1 The Promenade Berkeley Point Capital LLC 1240 Winter Garden Vineland Road Winter Garden FL 34787 Orange Multifamily Garden33 1 Sanctuary At Winterlakes Greystone Servicing Corporation, Inc. 5410 Northwest Rabbit Run Port St. Lucie FL 34986 Saint Lucie Multifamily Garden34 1 Lakeview Terrace MHC Arbor Agency Lending, LLC 5800 North Madison Avenue Kansas City MO 64118 Clay Multifamily Manufactured Housing Community35 1 Villa Palazzo Holliday Fenoglio Fowler, L.P. 750 Mobil Avenue Camarillo CA 93010 Ventura Multifamily Garden36 1 Silk Factory Lofts Berkadia Commercial Mortgage LLC 200 South Line Street Lansdale PA 19446 Montgomery Multifamily Garden37 1 Woodbridge Apartments Berkeley Point Capital LLC 3500 Oakgate Drive San Antonio TX 78230 Bexar Multifamily Garden38 (15) 1 Crosswinds MHC Wells Fargo Bank, National Association 4125 Park Street North Saint Petersburg FL 33709 Pinellas Multifamily MHC Age Restricted39 1 Auston Woods NorthMarq Capital, LLC 107 Auston Woods Circle Easley SC 29640 Pickens Multifamily Garden40 1 Braxton At Trolley Square Berkeley Point Capital LLC 727 East 600 South Salt Lake City UT 84102 Salt Lake Multifamily Garden41 1 Wildcreek Apartments Holliday Fenoglio Fowler, L.P. 1511 Faro Drive Austin TX 78741 Travis Multifamily Garden42 1 Westwood Village Jones Lang LaSalle Multifamily, LLC 6777 Rasberry Lane Shreveport LA 71129 Caddo Multifamily Garden43 1 Rock 35 Jones Lang LaSalle Multifamily, LLC 1500 South Interstate 35 Round Rock TX 78681 Williamson Multifamily Garden44 1 101-109 Summer Street PNC Bank, National Association 101 Summer Street Malden MA 02148 Middlesex Multifamily Garden45 1 Linden Ridge Walker & Dunlop, LLC 5400 Memorial Drive Stone Mountain GA 30083 DeKalb Multifamily Garden46 1 Woodrun Village Jones Lang LaSalle Multifamily, LLC 11501 Lochwood Drive Yukon OK 73099 Canadian Multifamily Garden47 1 134 Summer Street PNC Bank, National Association 134 Summer Street Malden MA 02148 Middlesex Multifamily Garden48 1 Meadowridge Apartments Berkadia Commercial Mortgage LLC 340 North College Drive Franklin VA 23851 Franklin City Multifamily Garden49 1 170-172 Maple Street PNC Bank, National Association 170 Maple Street Malden MA 02148 Middlesex Multifamily Garden50 1 North Towne Apartments And Townhomes Walker & Dunlop, LLC 4320 North Towne Court Windsor WI 53598 Dane Multifamily Garden51 1 Biltmore Commons Berkadia Commercial Mortgage LLC 2341 Elliott Avenue Portsmouth VA 23702 Portsmouth City Multifamily Garden52 1 Royal Point Apartments KeyBank National Association 301 North Gross Road Kingsland GA 31548 Camden Multifamily Garden53 1 Marshall Park Townhomes Jones Lang LaSalle Multifamily, LLC 728 West Marshall Street Richmond VA 23220 Richmond City Multifamily Student54 1 119 West Wyoming PNC Bank, National Association 119 West Wyoming Avenue Melrose MA 02176 Middlesex Multifamily Garden55 1 Grace And Monroe Apartments Jones Lang LaSalle Multifamily, LLC 401 West Grace Street Richmond VA 23220 Richmond City Multifamily Student56 1 Pineview Estates Greystone Servicing Corporation, Inc. 2900 Golden Crest Court Port Huron MI 48060 Saint Clair Multifamily Garden57 1 The Lyons Co-Op Wells Fargo Bank, National Association 135 West 79th Street New York NY 10024 New York Multifamily High Rise58 (16) 1 The Summit At Campus Edge CBRE Capital Markets, Inc. 630 West Virginia Street Tallahassee FL 32304 Leon Multifamily Student59 1 Greenway Park Apartments Berkeley Point Capital LLC 404 West Pawnee Street Wichita KS 67213 Sedgwick Multifamily Age Restricted60 1 Beacon Manor NorthMarq Capital, LLC 2306 Douglas Road Ferndale WA 98248 Whatcom Multifamily Garden

A-1-1



Number of Properties Property Name

1 1 The Pavilion Apartments2 1 The Paseos Apartment Homes3 1 The Ashmore4 (12) 1 North Pointe Apartments5 1 Broadmoor Apartments6 1 Monaco Lakes Apartments

7 1 Park Sierra Apartments

8 1 Hawthorne At Kennesaw9 1 Abbey At Stone Oak

10 1 Deep Deuce11 1 Raleigh House12 1 Landmark At Crescent Ridge

13 1 Landmark Grand Champion14 1 The Ridge15 (13)(14) 1 Cedarhurst Of Waterloo

16 (13)(14) 1 Cedarhurst Of Highland

17 (13)(14) 1 Cedarhurst Of Breese

18 1 Middletown Ridge19 1 Middletown Brooke Apartment Homes20 1 Porta Rossa Apartments21 1 Carriage House Apartments22 1 Collage Apartment Homes23 1 Hawthorne At New Centre24 1 Legacy Pointe Apartments25 1 Sylmar Mountain View Apartments26 1 Beneva Place27 1 Kaleidoscope Apartment Homes28 1 Palm Springs Apartments29 1 Carriage Park Apartments30 1 Centerpoint Apartments

31 1 Stockwell Landing32 1 The Promenade33 1 Sanctuary At Winterlakes34 1 Lakeview Terrace MHC35 1 Villa Palazzo36 1 Silk Factory Lofts37 1 Woodbridge Apartments38 (15) 1 Crosswinds MHC39 1 Auston Woods40 1 Braxton At Trolley Square41 1 Wildcreek Apartments42 1 Westwood Village43 1 Rock 3544 1 101-109 Summer Street45 1 Linden Ridge46 1 Woodrun Village47 1 134 Summer Street48 1 Meadowridge Apartments49 1 170-172 Maple Street50 1 North Towne Apartments And Townhomes51 1 Biltmore Commons52 1 Royal Point Apartments53 1 Marshall Park Townhomes54 1 119 West Wyoming55 1 Grace And Monroe Apartments56 1 Pineview Estates57 1 The Lyons Co-Op58 (16) 1 The Summit At Campus Edge59 1 Greenway Park Apartments60 1 Beacon Manor

Year Built Year Renovated Total UnitsCut-Off Date Balance/Unit Unit of Measure

Low Income Units(1)

Very Low Income Units(1) Occupancy %

Occupancy As of Date

Loan Purpose (Acquisition, Refinance)

1968 N/A 1,114 83,217 Units 561 223 91.7% 1/23/2018 Refinance2014 N/A 385 188,104 Units N/A N/A 95.1% 3/31/2018 Refinance1978 N/A 696 82,787 Units 671 N/A 95.0% 2/14/2018 Refinance2004 N/A 312 179,167 Units N/A N/A 97.1% 3/31/2018 Acquisition1971 2005 498 106,849 Units 358 N/A 95.8% 2/28/2018 Acquisition1974 2015 426 99,765 Units 426 N/A 96.0% 4/20/2018 Refinance

1999 N/A 283 141,148 Units 58 56 95.8% 4/29/2018 Refinance

2005 N/A 322 123,814 Units 147 N/A 92.2% 3/23/2018 Refinance2006 N/A 300 110,500 Units N/A N/A 96.0% 3/23/2018 Refinance2001 N/A 294 109,694 Units 86 N/A 94.2% 2/26/2018 Refinance2015 N/A 304 102,697 Units 181 N/A 95.4% 3/13/2018 Acquisition1989 N/A 350 88,714 Units 345 N/A 94.0% 3/21/2018 Acquisition

2015 N/A 360 83,875 Units 198 N/A 98.1% 3/31/2018 Refinance1978 N/A 326 79,755 Units 320 N/A 92.3% 3/31/2018 Refinance2012 N/A 98 106,466 Beds 76 72 99.0% 5/29/2018 Acquisition

2010 N/A 67 106,466 Beds 52 50 98.5% 5/29/2018 Acquisition

2014 N/A 69 106,466 Beds 26 25 98.6% 5/29/2018 Acquisition

1988 2005 238 99,265 Units 226 N/A 97.1% 1/29/2018 Acquisition1989 2005 280 83,436 Units 279 N/A 98.6% 1/29/2018 Acquisition1969 N/A 166 138,633 Units 124 25 97.0% 3/31/2018 Refinance1991 2017 160 140,659 Units 122 7 97.5% 3/31/2018 Refinance1993 2017 234 95,017 Units 232 N/A 96.2% 3/8/2018 Refinance1998 2014 301 70,216 Units 301 N/A 93.0% 3/31/2018 Refinance1992 N/A 204 99,265 Units 24 N/A 91.2% 3/31/2018 Refinance2007 N/A 135 148,148 Units 6 5 96.3% 3/31/2018 Refinance1986 2017 192 102,849 Units 45 N/A 96.9% 3/25/2018 Refinance1989 2017 208 93,913 Units 188 N/A 95.7% 3/8/2018 Refinance1998 N/A 152 126,941 Units 1 N/A 98.0% 3/31/2018 Refinance1994 2017 128 141,716 Units 99 3 93.8% 3/12/2018 Refinance2007 N/A 192 93,750 Units 36 N/A 94.3% 2/25/2018 Acquisition

2005 N/A 241 72,672 Units 201 1 96.3% 3/30/2018 Refinance1990 2017 200 86,100 Units 1 N/A 97.5% 3/30/2018 Refinance2001 N/A 284 60,391 Units 284 N/A 100.0% 3/31/2018 Refinance1970 2002 541 29,575 Pads 541 541 92.8% 3/31/2018 Refinance1965 N/A 84 190,333 Units 42 37 97.6% 2/28/2018 Refinance1928 2008 116 129,310 Units 22 1 96.6% 3/19/2018 Acquisition1980 2016 253 56,383 Units 251 N/A 94.9% 3/5/2018 Acquisition1951 N/A 378 37,664 Pads 357 271 83.1% 3/8/2018 Refinance2007 N/A 194 66,933 Units 194 N/A 96.9% 3/15/2018 Refinance1996 2017 88 147,420 Units 24 N/A 96.6% 2/28/2018 Refinance1984 N/A 232 55,275 Units 232 6 92.2% 3/6/2018 Refinance1980 N/A 248 44,194 Units 248 2 97.2% 3/31/2018 Refinance1984 N/A 144 73,576 Units 144 2 98.6% 4/25/2018 Refinance1923 2017 70 147,271 Units 63 N/A 100.0% 4/6/2018 Refinance1971 N/A 210 44,200 Units 206 6 93.3% 3/3/2018 Refinance1985 N/A 192 48,208 Units 192 N/A 99.0% 3/31/2018 Refinance1964 2017 48 183,063 Units 21 N/A 100.0% 4/6/2018 Refinance1990 N/A 97 72,116 Units 93 N/A 95.9% 1/31/2018 Refinance1932 2017 45 154,489 Units 35 N/A 97.8% 4/6/2018 Refinance2016 N/A 60 103,317 Units 60 1 91.7% 5/3/2018 Refinance1989 N/A 89 64,733 Units 89 3 94.4% 2/26/2018 Refinance2000 N/A 144 39,056 Units 144 60 93.1% 1/3/2018 Refinance2001 N/A 158 35,127 Beds 2 N/A 98.7% 3/19/2018 Refinance1928 2017 36 144,111 Units 26 N/A 97.2% 4/6/2018 Refinance1911 2006 57 85,965 Units 52 2 98.2% 3/19/2018 Refinance1999 2011 100 35,117 Units 100 98 99.0% 3/31/2018 Refinance1914 N/A 51 68,627 Units N/A N/A 100.0% 2/28/2018 Refinance1972 2016 94 36,915 Units 94 1 93.6% 3/7/2018 Refinance1979 N/A 91 27,165 Units 91 89 97.8% 3/14/2018 Acquisition1997 N/A 51 25,425 Units 51 41 100.0% 2/23/2018 Acquisition

A-1-2













Single Purpose Borrowing Entity / Single Asset Borrowing Entity Crossed Loans

Related Borrower Loans(2) Payment Date

Late Charge Grace Period Note Date

First Payment Date Maturity Date

Original Loan Amount

SPE N/A N/A 1 10 3/1/2018 4/1/2018 3/1/2028 92,704,000SPE N/A N/A 1 10 3/29/2018 5/1/2018 4/1/2028 72,420,000SPE N/A N/A 1 10 3/30/2018 5/1/2018 4/1/2028 57,620,000SPE N/A N/A 1 10 3/7/2018 5/1/2018 4/1/2028 55,900,000SPE N/A N/A 1 10 4/16/2018 6/1/2018 5/1/2028 53,211,000SPE N/A N/A 1 10 4/30/2018 6/1/2018 5/1/2028 42,500,000

SPE N/A N/A 1 10 4/2/2018 6/1/2018 5/1/2028 40,000,000

SPE N/A Group 1 1 10 3/29/2018 5/1/2018 4/1/2028 39,868,000SPE N/A N/A 1 10 3/29/2018 5/1/2018 4/1/2028 33,150,000SPE N/A N/A 1 10 3/29/2018 5/1/2018 4/1/2028 32,250,000SPE N/A N/A 1 10 3/29/2018 5/1/2018 4/1/2028 31,220,000SPE N/A N/A 1 10 4/4/2018 6/1/2018 5/1/2028 31,050,000

SPE N/A N/A 1 10 3/16/2018 5/1/2018 4/1/2028 30,195,000SPE N/A N/A 1 10 3/29/2018 5/1/2018 4/1/2028 26,000,000SPE Group 1 Group 8 1 10 2/14/2018 4/1/2018 3/1/2028 13,005,000

SPE Group 1 Group 8 1 10 2/14/2018 4/1/2018 3/1/2028 6,487,000

SPE Group 1 Group 8 1 10 2/14/2018 4/1/2018 3/1/2028 5,421,000

SPE N/A Group 3 1 10 3/16/2018 5/1/2018 4/1/2028 23,625,000SPE N/A Group 3 1 10 3/16/2018 5/1/2018 4/1/2028 23,362,000SPE N/A Group 5 1 10 3/29/2018 5/1/2018 4/1/2028 23,013,000SPE N/A Group 4 1 10 3/30/2018 5/1/2018 4/1/2028 22,568,000SPE N/A Group 2 1 10 3/30/2018 5/1/2018 4/1/2028 22,234,000SPE N/A Group 1 1 15 3/29/2018 5/1/2018 4/1/2028 21,135,000SPE N/A N/A 1 10 5/1/2018 6/1/2018 5/1/2028 20,250,000SPE N/A N/A 1 10 3/19/2018 5/1/2018 4/1/2028 20,000,000SPE N/A N/A 1 10 3/29/2018 5/1/2018 4/1/2028 19,747,000SPE N/A Group 2 1 10 3/30/2018 5/1/2018 4/1/2028 19,534,000SPE N/A N/A 1 10 3/29/2018 5/1/2018 4/1/2028 19,295,000SPE N/A Group 4 1 10 3/30/2018 5/1/2018 4/1/2028 18,190,000SPE N/A Group 2 1 10 3/27/2018 5/1/2018 4/1/2028 18,000,000

SPE N/A Group 6 1 10 3/27/2018 5/1/2018 4/1/2028 17,514,000SPE N/A Group 6 1 10 3/27/2018 5/1/2018 4/1/2028 17,220,000SPE N/A N/A 1 10 3/14/2018 5/1/2018 4/1/2028 17,151,000SPE N/A N/A 1 10 3/29/2018 5/1/2018 4/1/2028 16,000,000SPE N/A Group 5 1 10 3/29/2018 5/1/2018 4/1/2028 15,988,000

SPE ($15M or less) N/A N/A 1 10 3/21/2018 5/1/2018 4/1/2028 15,000,000SPE ($15M or less) N/A N/A 1 10 4/19/2018 6/1/2018 5/1/2028 14,265,000SPE ($15M or less) N/A N/A 1 10 3/29/2018 5/1/2018 4/1/2028 14,237,000SPE ($15M or less) N/A N/A 1 10 5/1/2018 6/1/2018 5/1/2028 13,000,000SPE ($15M or less) N/A N/A 1 10 3/30/2018 5/1/2018 4/1/2028 12,973,000SPE ($15M or less) N/A N/A 1 10 4/2/2018 6/1/2018 5/1/2028 12,840,000SPE ($15M or less) N/A Group 9 1 10 3/27/2018 5/1/2018 4/1/2028 10,960,000SPE ($15M or less) N/A N/A 1 10 3/30/2018 5/1/2018 4/1/2028 10,595,000SPE ($15M or less) N/A Group 7 1 10 4/12/2018 6/1/2018 5/1/2028 10,309,000SPE ($15M or less) N/A N/A 1 10 4/20/2018 6/1/2018 5/1/2028 9,282,000SPE ($15M or less) N/A Group 9 1 10 3/27/2018 5/1/2018 4/1/2028 9,256,000SPE ($15M or less) N/A Group 7 1 10 4/12/2018 6/1/2018 5/1/2028 8,787,000SPE ($15M or less) N/A Group 10 1 10 3/8/2018 5/1/2018 4/1/2028 7,012,000SPE ($15M or less) N/A Group 7 1 10 4/12/2018 6/1/2018 5/1/2028 6,952,000SPE ($15M or less) N/A N/A 1 10 3/21/2018 5/1/2018 4/1/2028 6,199,000SPE ($15M or less) N/A Group 10 1 10 3/8/2018 5/1/2018 4/1/2028 5,775,000SPE ($15M or less) N/A N/A 1 10 3/26/2018 5/1/2018 4/1/2028 5,624,000SPE ($15M or less) N/A Group 11 1 10 4/25/2018 6/1/2018 5/1/2028 5,550,000SPE ($15M or less) N/A Group 7 1 10 4/12/2018 6/1/2018 5/1/2028 5,188,000SPE ($15M or less) N/A Group 11 1 10 4/25/2018 6/1/2018 5/1/2028 4,900,000SPE ($15M or less) N/A N/A 1 10 3/15/2018 5/1/2018 4/1/2028 3,520,000SPE ($15M or less) N/A N/A 1 10 4/20/2018 6/1/2018 5/1/2028 3,500,000SPE ($15M or less) N/A N/A 1 10 4/5/2018 6/1/2018 5/1/2028 3,470,000SPE ($15M or less) N/A N/A 1 10 3/30/2018 5/1/2018 4/1/2028 2,472,000

SAE N/A N/A 1 10 3/20/2018 5/1/2018 4/1/2028 1,300,000

A-1-3













Cut-Off Date Loan Amount

% of Cut-Off Date Pool Balance Maturity Balance Gross Interest Rate

Administration Fee Rate(3) Net Mortgage Interest Rate Accrual Basis

Loan Amortization Type

Monthly Debt Service Amount (Amortizing)(4)

92,704,000 7.6% 92,704,000 4.0500% 0.12160% 3.92840% Actual/360 Interest Only 317,221.5072,420,000 5.9% 66,032,035 4.2700% 0.12160% 4.14840% Actual/360 Partial IO 357,111.3157,620,000 4.7% 52,641,239 4.3900% 0.12160% 4.26840% Actual/360 Partial IO 288,198.1855,900,000 4.6% 55,900,000 3.9700% 0.10160% 3.86840% Actual/360 Interest Only 187,504.3953,211,000 4.4% 48,693,162 4.4900% 0.12160% 4.36840% Actual/360 Partial IO 269,296.2442,500,000 3.5% 42,500,000 4.4400% 0.13160% 4.30840% Actual/360 Interest Only 159,434.03

39,944,856 3.3% 31,582,541 3.8300% 0.12160% 3.70840% Actual/360 Balloon 187,066.71

39,868,000 3.3% 36,440,940 4.4200% 0.11160% 4.30840% Actual/360 Partial IO 200,114.6433,150,000 2.7% 30,235,930 4.2900% 0.13160% 4.15840% Actual/360 Partial IO 163,855.2932,250,000 2.6% 29,415,045 4.2900% 0.13160% 4.15840% Actual/360 Partial IO 159,406.7331,220,000 2.6% 28,605,399 4.5700% 0.13160% 4.43840% Actual/360 Partial IO 159,488.3231,050,000 2.5% 28,418,306 4.5000% 0.13160% 4.36840% Actual/360 Partial IO 157,325.79

30,195,000 2.5% 27,701,447 4.6500% 0.12160% 4.52840% Actual/360 Partial IO 155,696.5326,000,000 2.1% 26,000,000 4.4200% 0.14160% 4.27840% Actual/360 Interest Only 97,096.7613,005,000 1.1% 11,981,621 4.9200% 0.15160% 4.76840% Actual/360 Partial IO 69,179.19

6,487,000 0.5% 5,976,530 4.9200% 0.15160% 4.76840% Actual/360 Partial IO 34,507.14

5,421,000 0.4% 4,994,415 4.9200% 0.15160% 4.76840% Actual/360 Partial IO 28,836.63

23,625,000 1.9% 21,629,129 4.5200% 0.13160% 4.38840% Actual/360 Partial IO 119,985.3223,362,000 1.9% 21,388,347 4.5200% 0.13160% 4.38840% Actual/360 Partial IO 118,649.6123,013,000 1.9% 21,058,658 4.4900% 0.15160% 4.33840% Actual/360 Partial IO 116,466.7922,505,485 1.8% 17,935,500 4.0100% 0.15160% 3.85840% Actual/360 Balloon 107,873.2322,234,000 1.8% 20,289,540 4.3200% 0.12160% 4.19840% Actual/360 Partial IO 110,290.9921,135,000 1.7% 19,407,984 4.7100% 0.15160% 4.55840% Actual/360 Partial IO 109,741.1720,250,000 1.7% 18,548,573 4.5500% 0.15160% 4.39840% Actual/360 Partial IO 103,206.2620,000,000 1.6% 20,000,000 4.1400% 0.16160% 3.97840% Actual/360 Interest Only 69,958.3319,747,000 1.6% 19,747,000 4.5600% 0.16160% 4.39840% Actual/360 Interest Only 76,080.8019,534,000 1.6% 17,825,667 4.3200% 0.12160% 4.19840% Actual/360 Partial IO 96,897.7319,295,000 1.6% 17,721,118 4.7200% 0.16160% 4.55840% Actual/360 Partial IO 100,303.2418,139,612 1.5% 14,456,167 4.0100% 0.15160% 3.85840% Actual/360 Balloon 86,946.7418,000,000 1.5% 18,000,000 4.5800% 0.16160% 4.41840% Actual/360 Interest Only 69,654.17

17,514,000 1.4% 16,087,915 4.7300% 0.14160% 4.58840% Actual/360 Partial IO 91,150.3017,220,000 1.4% 15,817,855 4.7300% 0.14160% 4.58840% Actual/360 Partial IO 89,620.2017,151,000 1.4% 15,123,351 4.8200% 0.16160% 4.65840% Actual/360 Partial IO 90,192.8116,000,000 1.3% 13,993,313 4.4600% 0.16160% 4.29840% Actual/360 Partial IO 80,689.8215,988,000 1.3% 14,630,245 4.4900% 0.15160% 4.33840% Actual/360 Partial IO 80,913.8815,000,000 1.2% 13,734,986 4.5300% 0.10160% 4.42840% Actual/360 Partial IO 76,270.4114,265,000 1.2% 13,093,467 4.6800% 0.17160% 4.50840% Actual/360 Partial IO 73,812.3014,237,000 1.2% 13,042,600 4.5600% 0.17160% 4.38840% Actual/360 Partial IO 72,645.2312,984,987 1.1% 10,562,650 4.6400% 0.17160% 4.46840% Actual/360 Balloon 66,954.8912,973,000 1.1% 12,973,000 4.4600% 0.17160% 4.28840% Actual/360 Interest Only 48,885.9912,823,861 1.1% 10,296,333 4.2600% 0.17160% 4.08840% Actual/360 Balloon 63,240.2710,960,000 0.9% 10,960,000 4.5000% 0.19160% 4.30840% Actual/360 Interest Only 41,670.8310,595,000 0.9% 9,698,361 4.5100% 0.17160% 4.33840% Actual/360 Partial IO 53,746.2810,309,000 0.8% 9,430,675 4.4700% 0.15160% 4.31840% Actual/360 Partial IO 52,050.599,282,000 0.8% 8,170,278 4.7400% 0.19160% 4.54840% Actual/360 Partial IO 48,363.379,256,000 0.8% 9,256,000 4.5000% 0.19160% 4.30840% Actual/360 Interest Only 35,192.088,787,000 0.7% 8,038,349 4.4700% 0.15160% 4.31840% Actual/360 Partial IO 44,365.946,995,245 0.6% 5,718,203 4.7500% 0.18160% 4.56840% Actual/360 Balloon 36,577.916,952,000 0.6% 6,359,691 4.4700% 0.15160% 4.31840% Actual/360 Partial IO 35,100.956,199,000 0.5% 5,333,632 4.7800% 0.19160% 4.58840% Actual/360 Partial IO 32,449.115,761,229 0.5% 4,711,024 4.7600% 0.19160% 4.56840% Actual/360 Balloon 30,159.955,624,000 0.5% 4,964,627 4.8700% 0.14160% 4.72840% Actual/360 Partial IO 29,745.605,550,000 0.5% 5,550,000 4.4100% 0.19160% 4.21840% Actual/360 Interest Only 20,679.535,188,000 0.4% 4,745,983 4.4700% 0.15160% 4.31840% Actual/360 Partial IO 26,194.444,900,000 0.4% 4,900,000 4.4100% 0.19160% 4.21840% Actual/360 Interest Only 18,257.603,511,658 0.3% 2,874,366 4.7900% 0.30160% 4.48840% Actual/360 Balloon 18,446.953,500,000 0.3% 3,500,000 4.0100% 0.21160% 3.79840% Actual/360 Interest Only 11,858.283,470,000 0.3% 3,054,392 4.7400% 0.21160% 4.52840% Actual/360 Partial IO 18,080.252,472,000 0.2% 2,170,932 4.6400% 0.21160% 4.42840% Actual/360 Partial IO 12,731.731,296,686 0.1% 1,048,627 4.4300% 0.25160% 4.17840% Actual/360 Balloon 6,532.95

A-1-4













MonthlyDebt ServiceAmount (IO)

Amortization Term (Original)

Amortization Term (Remaining)

Loan Term (Original)

Loan Term (Remaining) IO Period Seasoning Prepayment Provision(5)

Defeasance To Maturity (Y/N)

AppraisalValuation Date Appraised Value

317,221.50 0 0 120 117 120 3 L(27) D(89) O(4) Yes 12/28/2017 186,200,000261,273.59 360 360 120 118 60 2 L(26) D(90) O(4) Yes 2/1/2018 120,700,000213,720.85 360 360 120 118 60 2 L(26) D(90) O(4) Yes 2/6/2018 77,600,000187,504.39 0 0 120 118 120 2 L(26) D(90) O(4) Yes 1/17/2018 86,000,000201,863.07 360 360 120 119 60 1 L(25) D(91) O(4) Yes 1/30/2018 67,050,000159,434.03 0 0 120 119 120 1 L(25) D(91) O(4) Yes 2/22/2018 69,300,000

N/A 360 359 120 119 0 1 L(25) D(91) O(4) Yes 1/5/2018 93,400,000

148,886.68 360 360 120 118 60 2 L(26) D(57) 1%(33) O(4) Yes 2/26/2018 58,725,000120,157.24 360 360 120 118 60 2 L(26) D(90) O(4) Yes 2/15/2018 48,100,000116,895.05 360 360 120 118 60 2 L(26) D(90) O(4) Yes 2/16/2018 43,350,000120,547.50 360 360 120 118 60 2 L(26) D(90) O(4) Yes 2/1/2018 49,000,000118,054.69 360 360 120 119 60 1 L(25) D(58) 1%(33) O(4) Yes 1/5/2018 41,400,000

118,630.70 360 360 120 118 60 2 L(26) D(90) O(4) Yes 2/15/2018 46,500,00097,096.76 0 0 120 118 120 2 L(26) D(90) O(4) Yes 2/12/2018 39,700,00054,061.06 360 360 120 117 60 3 L(27) D(89) O(4) Yes 12/7/2017 16,900,000

26,966.10 360 360 120 117 60 3 L(27) D(89) O(4) Yes 12/7/2017 8,500,000

22,534.80 360 360 120 117 60 3 L(27) D(89) O(4) Yes 12/7/2017 8,300,000

90,223.44 360 360 120 118 60 2 L(26) D(90) O(4) Yes 12/5/2017 32,350,00089,219.05 360 360 120 118 60 2 L(26) D(90) O(4) Yes 12/5/2017 32,930,00087,302.91 360 360 120 118 60 2 L(26) D(90) O(4) Yes 1/11/2018 34,500,000

N/A 360 358 120 118 0 2 L(26) D(90) O(4) Yes 1/16/2018 30,740,00081,154.10 360 360 120 118 60 2 L(26) D(90) O(4) Yes 11/2/2017 32,800,00084,107.03 360 360 120 118 60 2 L(26) D(90) O(4) Yes 2/20/2018 29,700,00077,847.66 360 360 120 119 60 1 L(25) D(91) O(4) Yes 2/27/2018 30,000,00069,958.33 0 0 120 118 120 2 L(26) D(90) O(4) Yes 12/22/2017 40,000,00076,080.80 0 0 120 118 120 2 L(26) D(57) 1%(33) O(4) Yes 2/22/2018 29,100,00071,299.10 360 360 120 118 60 2 L(26) D(90) O(4) Yes 11/2/2017 27,600,00076,947.75 360 360 120 118 60 2 L(26) D(90) O(4) Yes 2/23/2018 29,410,000

N/A 360 358 120 118 0 2 L(26) D(90) O(4) Yes 1/16/2018 24,360,00069,654.17 0 0 120 118 120 2 L(26) D(69) 1%(21) O(4) Yes 11/16/2017 30,300,000

69,993.16 360 360 120 118 60 2 L(26) D(90) O(4) Yes 1/3/2018 29,190,00068,818.22 360 360 120 118 60 2 L(26) D(90) O(4) Yes 12/31/2017 28,700,00069,846.65 360 360 120 118 36 2 L(26) D(90) O(4) Yes 1/5/2018 23,100,00060,292.59 360 360 120 118 36 2 L(26) D(90) O(4) Yes 2/8/2018 27,440,00060,652.62 360 360 120 118 60 2 L(26) D(90) O(4) Yes 1/11/2018 23,130,00057,411.46 360 360 120 118 60 2 L(26) D(90) O(4) Yes 1/31/2018 20,500,00056,406.19 360 360 120 119 60 1 L(25) D(91) O(4) Yes 2/6/2018 20,900,00054,852.00 360 360 120 118 60 2 L(26) D(90) O(4) Yes 11/2/2017 19,700,000

N/A 360 359 120 119 0 1 L(25) D(91) O(4) Yes 12/12/2017 18,600,00048,885.99 0 0 120 118 120 2 L(26) D(90) O(4) Yes 2/15/2018 20,400,000

N/A 360 359 120 119 0 1 L(25) D(91) O(4) Yes 2/23/2018 21,400,00041,670.83 0 0 120 118 120 2 L(26) D(90) O(4) Yes 2/8/2018 17,150,00040,372.59 360 360 120 118 60 2 L(26) D(57) 1%(33) O(4) Yes 2/23/2018 15,300,00038,934.37 360 360 120 119 60 1 L(25) D(91) O(4) Yes 12/14/2017 16,300,00037,173.12 360 360 120 119 36 1 L(25) D(91) O(4) Yes 2/28/2018 15,300,00035,192.08 0 0 120 118 120 2 L(26) D(90) O(4) Yes 2/12/2018 14,240,00033,186.18 360 360 120 119 60 1 L(25) D(91) O(4) Yes 12/14/2017 13,700,000

N/A 360 358 120 118 0 2 L(26) D(90) O(4) Yes 1/3/2018 9,650,00026,255.87 360 360 120 119 60 1 L(25) D(91) O(4) Yes 12/14/2017 10,900,00025,035.64 360 360 120 118 24 2 L(26) D(90) O(4) Yes 1/17/2018 9,550,000

N/A 360 358 120 118 0 2 L(26) D(90) O(4) Yes 1/3/2018 7,700,00023,141.07 360 360 120 118 36 2 L(26) D(90) O(4) Yes 10/31/2017 7,275,00020,679.53 0 0 120 119 120 1 L(25) D(91) O(4) Yes 3/1/2018 10,800,00019,593.71 360 360 120 119 60 1 L(25) D(91) O(4) Yes 12/14/2017 8,300,00018,257.60 0 0 120 119 120 1 L(25) D(91) O(4) Yes 3/1/2018 7,600,000

N/A 360 358 120 118 0 2 L(26) D(90) O(4) Yes 1/16/2018 4,550,00011,858.28 0 0 120 119 120 1 L(25) D(91) O(4) Yes 3/5/2018 40,000,00013,896.87 360 360 120 119 36 1 L(25) D(91) O(4) Yes 2/23/2018 5,830,0009,691.16 360 360 120 118 36 2 L(26) D(90) O(4) Yes 2/5/2018 4,000,000

N/A 360 358 120 118 0 2 YM1%(116) O(4) N/A 12/5/2017 2,600,000

A-1-5













Appraised Value TypeCut-Off

Date LTVMaturity

LTVUW NCF

DSCRUW NCF

DSCR (IO) UW EGI UW Expenses UW NOI UW NCFMost Recent Financial

End Date Most Recent EGIMost Recent

Expenses Most Recent NOIAs-Is 49.8% 49.8% 2.25x 2.25x 15,367,158 6,459,227 8,907,931 8,548,989 3/31/2018 15,792,033 6,930,858 8,861,175As-Is 60.0% 54.7% 1.27x 1.74x 8,901,593 3,367,155 5,534,437 5,444,347 3/31/2018 8,641,921 3,336,296 5,305,625As-Is 74.3% 67.8% 1.25x 1.69x 8,047,117 3,528,649 4,518,468 4,325,676 2/28/2018 7,853,962 3,203,122 4,650,841As-Is 65.0% 65.0% 1.94x 1.94x 7,212,336 2,766,728 4,445,608 4,367,608 1/31/2018 6,879,928 2,541,017 4,338,911As-Is 79.4% 72.6% 1.25x 1.67x 7,885,253 3,733,826 4,151,428 4,047,346 1/31/2018 7,590,573 3,833,490 3,757,083As-Is 61.3% 61.3% 2.00x 2.00x 5,808,054 1,879,667 3,928,388 3,821,888 2/28/2018 5,711,352 1,845,989 3,865,363

As-Is 42.8% 33.8% 2.07x N/A 7,311,765 2,554,925 4,756,840 4,656,941 3/31/2018 7,510,884 2,513,199 4,997,685

As-Is 67.9% 62.1% 1.25x 1.68x 5,090,380 2,000,650 3,089,731 3,009,231 3/31/2018 5,080,518 2,042,620 3,037,898As-Is 68.9% 62.9% 1.25x 1.71x 4,852,269 2,317,953 2,534,317 2,466,217 2/28/2018 4,713,353 2,310,945 2,402,408As-Is 74.4% 67.9% 1.29x 1.76x 4,269,415 1,719,002 2,550,413 2,467,211 1/31/2018 4,384,060 1,742,199 2,641,861As-Is 63.7% 58.4% 1.25x 1.65x 4,364,312 1,912,325 2,451,987 2,391,409 1/31/2018 4,362,568 1,837,767 2,524,801As-Is 75.0% 68.6% 1.25x 1.67x 4,431,983 1,981,040 2,450,944 2,363,444 1/31/2018 4,397,439 1,914,656 2,482,783

As-Is 64.9% 59.6% 1.25x 1.65x 4,714,373 2,314,572 2,399,801 2,342,561 3/31/2018 4,341,526 2,185,123 2,156,403As-Is 65.5% 65.5% 1.75x 1.75x 4,184,121 2,073,438 2,110,682 2,037,332 3/31/2018 4,191,467 2,097,783 2,093,684As-Is 74.3% 68.4% 1.40x 1.79x 3,822,958 2,648,099 1,174,859 1,149,059 10/31/2017 3,829,635 2,452,072 1,377,563

As-Is 74.3% 68.4% 1.40x 1.79x 1,893,619 1,309,959 583,661 566,561 10/31/2017 1,799,679 1,224,819 574,859

As-Is 74.3% 68.4% 1.40x 1.79x 2,335,627 1,809,179 526,448 509,348 10/31/2017 2,322,980 1,573,893 749,087

As-Is 73.0% 66.9% 1.28x 1.70x 3,907,225 1,992,831 1,914,394 1,842,994 1/31/2018 3,888,045 1,903,521 1,984,524As-Is 70.9% 65.0% 1.28x 1.71x 4,045,276 2,132,889 1,912,387 1,828,387 1/31/2018 4,068,961 2,087,963 1,980,998As-Is 66.7% 61.0% 1.25x 1.67x 2,882,882 1,094,421 1,788,462 1,746,962 1/31/2018 2,853,999 1,043,862 1,810,138As-Is 73.2% 58.3% 1.25x N/A 2,610,826 955,168 1,655,658 1,618,698 3/31/2018 2,541,337 950,485 1,590,851As-Is 67.8% 61.9% 1.25x 1.70x 2,806,907 1,094,009 1,712,898 1,654,398 3/31/2018 2,695,761 1,072,503 1,623,258As-Is 71.2% 65.3% 1.25x 1.63x 2,911,300 1,197,566 1,713,733 1,646,008 4/30/2018 2,930,626 1,259,933 1,670,693As-Is 67.5% 61.8% 1.25x 1.66x 2,539,554 935,348 1,604,206 1,548,106 2/28/2018 2,456,905 891,816 1,565,089As-Is 50.0% 50.0% 2.16x 2.16x 2,736,023 887,344 1,848,678 1,814,928 3/31/2018 2,739,552 981,362 1,758,190As-Is 67.9% 67.9% 1.79x 1.79x 2,658,185 977,786 1,680,399 1,632,399 1/31/2018 2,586,022 949,300 1,636,722As-Is 70.8% 64.6% 1.25x 1.70x 2,443,427 927,259 1,516,168 1,453,518 3/31/2018 2,381,527 905,292 1,476,235As-Is 65.6% 60.3% 1.25x 1.63x 2,464,176 923,898 1,540,278 1,504,558 1/31/2018 2,070,390 650,272 1,420,118As-Is 74.5% 59.3% 1.25x N/A 2,109,840 773,879 1,335,961 1,304,345 4/30/2018 2,069,455 782,693 1,286,763As-Is 59.4% 59.4% 1.77x 1.77x 2,436,091 915,325 1,520,766 1,478,718 2/28/2018 2,443,701 916,470 1,527,231

As-Is 60.0% 55.1% 1.42x 1.85x 2,731,968 1,107,166 1,624,802 1,557,081 3/31/2018 2,630,066 1,081,840 1,548,227As-Is 60.0% 55.1% 1.48x 1.93x 2,745,188 1,099,592 1,645,596 1,595,596 12/31/2017 2,675,378 987,607 1,687,771

As-Is (Rent Restrictions) 74.2% 65.5% 1.25x 1.62x 2,475,842 1,012,835 1,463,007 1,353,951 3/31/2018 2,545,334 1,210,827 1,334,507As-Is 58.3% 51.0% 1.32x 1.76x 2,234,727 931,048 1,303,679 1,276,629 1/31/2018 2,150,708 858,319 1,292,389As-Is 69.1% 63.3% 1.25x 1.67x 1,962,610 727,857 1,234,754 1,213,754 1/31/2018 1,979,376 769,615 1,209,762As-Is 73.2% 67.0% 1.26x 1.67x 2,045,285 872,608 1,172,677 1,149,477 12/31/2017 1,999,647 953,843 1,045,805As-Is 68.3% 62.6% 1.25x 1.64x 2,633,357 1,453,288 1,180,068 1,107,204 1/31/2018 2,571,983 1,477,928 1,094,055As-Is 72.3% 66.2% 1.27x 1.68x 1,865,053 737,109 1,127,944 1,109,044 2/28/2018 1,803,998 709,077 1,094,921As-Is 69.8% 56.8% 1.35x N/A 1,779,113 644,475 1,134,637 1,086,137 2/28/2018 1,809,604 623,527 1,186,077As-Is 63.6% 63.6% 1.81x 1.81x 1,601,948 519,168 1,082,780 1,059,900 2/28/2018 1,522,496 505,915 1,016,581As-Is 59.9% 48.1% 1.44x N/A 2,425,620 1,271,489 1,154,131 1,094,275 1/31/2018 2,369,452 1,186,669 1,182,783As-Is 63.9% 63.9% 2.34x 2.34x 2,235,181 985,574 1,249,608 1,171,488 3/31/2018 2,291,386 1,009,948 1,281,438As-Is 69.2% 63.4% 1.25x 1.66x 1,737,169 878,365 858,803 806,243 2/28/2018 1,722,933 870,977 851,956As-Is 63.2% 57.9% 1.25x 1.67x 1,167,370 367,405 799,965 780,785 12/31/2017 1,188,970 295,364 893,606As-Is 60.7% 53.4% 1.69x 2.19x 2,177,330 1,123,874 1,053,456 978,696 2/28/2018 2,123,089 1,130,442 992,647As-Is 65.0% 65.0% 2.16x 2.16x 1,645,259 679,282 965,977 911,065 1/31/2018 1,646,155 562,173 1,083,982As-Is 64.1% 58.7% 1.25x 1.67x 940,688 259,081 681,607 665,527 12/31/2017 952,781 196,420 756,361As-Is 72.5% 59.3% 1.26x N/A 961,333 365,353 595,980 553,300 3/31/2018 999,259 379,793 619,466As-Is 63.8% 58.3% 1.25x 1.67x 783,981 244,020 539,961 526,551 12/31/2017 780,227 186,629 593,598As-Is 64.9% 55.8% 1.30x 1.69x 861,486 340,225 521,261 506,261 3/31/2018 840,191 274,688 565,503As-Is 74.8% 61.2% 1.30x N/A 923,838 426,188 497,650 471,306 3/31/2018 934,928 394,991 539,938As-Is 77.3% 68.2% 1.26x 1.62x 1,173,287 686,058 487,229 451,229 12/31/2017 1,136,147 776,361 359,786As-Is 51.4% 51.4% 2.22x 2.22x 1,202,580 627,783 574,796 551,096 2/28/2018 1,189,322 602,622 586,700As-Is 62.5% 57.2% 1.25x 1.67x 611,960 207,775 404,185 392,953 12/31/2017 624,874 160,183 464,691As-Is 64.5% 64.5% 2.09x 2.09x 765,762 290,795 474,967 457,867 2/28/2018 770,141 281,712 488,429As-Is 77.2% 63.2% 1.25x N/A 692,423 389,840 302,583 277,583 3/31/2018 701,717 399,347 302,370As-Is 8.8% 8.8% 8.72x 8.72x 2,186,431 928,818 1,257,613 1,240,171 12/31/2017 1,039,615 913,355 126,260As-Is 59.5% 52.4% 1.30x 1.69x 651,960 350,794 301,165 282,365 2/28/2018 634,663 286,548 348,115

As-Is (Rent Restrictions) 61.8% 54.3% 1.96x 2.57x 676,469 347,368 329,101 298,798 2/28/2018 652,785 371,501 281,284As-Is (Encumbered) 49.9% 40.3% 1.76x N/A 386,609 233,352 153,257 137,957 12/31/2017 422,773 238,693 184,080

A-1-6













Most Recent NCF2nd Most Recent

Financial End Date2nd Most Recent

EGI2nd Most Recent

Expenses2nd Most Recent

NOI2nd Most Recent

NCF3rd Most Recent

Financial End Date3rd Most Recent

EGI3rd Most Recent

Expenses3rd Most Recent

NOI5,814,265 12/31/2017 15,821,968 6,518,122 9,303,846 6,247,769 12/31/2016 15,791,901 6,636,349 9,155,5525,305,625 12/31/2016 8,398,197 3,018,175 5,380,022 5,380,022 12/31/2015 8,065,843 3,137,175 4,928,6684,650,841 12/31/2017 7,772,388 3,181,442 4,590,946 4,590,946 12/31/2016 7,208,191 3,240,460 3,967,7314,338,911 12/31/2017 6,900,510 2,595,214 4,305,296 4,305,296 12/31/2016 6,648,420 2,217,001 4,431,4193,757,083 12/31/2017 7,552,981 3,822,765 3,730,216 3,730,216 12/31/2016 7,523,299 2,495,921 5,027,3783,865,363 12/31/2017 5,634,762 1,733,665 3,901,098 3,901,098 12/31/2016 5,277,979 1,822,754 3,455,225

4,997,685 12/31/2017 7,499,799 2,471,387 5,028,412 5,028,412 12/31/2016 7,367,053 2,334,966 5,032,087

3,037,898 12/31/2017 5,027,757 1,988,256 3,039,502 3,039,502 12/31/2016 4,731,341 1,904,322 2,827,0192,402,408 12/31/2017 4,681,838 2,276,572 2,405,266 2,405,266 12/31/2016 4,621,625 2,255,738 2,365,8872,641,861 12/31/2017 4,398,788 1,752,721 2,646,067 2,646,067 12/31/2016 4,817,372 1,687,882 3,129,4902,524,801 12/31/2017 3,354,736 1,843,278 1,511,458 1,511,458 N/A N/A N/A N/A2,482,783 12/31/2017 4,368,443 1,905,143 2,463,300 2,463,300 12/31/2016 4,241,482 1,905,444 2,336,038

2,156,403 12/31/2017 4,092,991 2,168,002 1,924,989 1,924,989 12/31/2016 2,060,467 1,803,161 257,3062,093,684 12/31/2017 4,171,192 2,053,207 2,117,985 2,117,985 12/31/2016 4,066,090 1,979,767 2,086,3241,377,563 12/31/2016 2,895,838 2,061,018 834,821 834,821 12/31/2015 1,958,702 1,257,838 700,864

574,859 12/31/2016 1,703,356 1,146,039 557,317 557,317 12/31/2015 1,662,666 1,121,059 541,607

749,087 12/31/2016 2,052,052 1,525,668 526,384 526,384 12/31/2015 1,486,247 1,177,865 308,382

1,984,524 12/31/2017 3,869,347 1,895,258 1,974,089 1,974,089 12/31/2016 3,778,233 1,891,256 1,886,9771,980,998 12/31/2017 4,063,435 2,079,021 1,984,414 1,984,414 12/31/2016 3,948,642 1,974,950 1,973,6921,548,953 12/31/2017 2,835,195 1,084,311 1,750,884 1,580,330 12/31/2016 2,605,650 898,533 1,707,1171,589,995 12/31/2017 2,464,580 880,577 1,584,004 1,602,230 12/31/2016 2,326,357 877,198 1,449,1601,623,258 12/31/2017 2,584,944 1,043,947 1,540,997 1,540,997 12/31/2016 2,466,373 1,095,809 1,370,5641,670,693 12/31/2017 2,908,401 1,230,154 1,678,247 1,678,247 12/31/2016 2,861,444 1,260,627 1,600,8171,565,089 12/31/2017 2,443,292 865,572 1,577,720 1,577,720 12/31/2016 2,271,093 830,480 1,440,6131,758,190 12/31/2017 2,668,651 764,589 1,904,062 1,904,062 12/31/2016 2,401,012 667,817 1,733,1951,636,722 12/31/2017 2,582,836 948,219 1,634,617 1,634,617 12/31/2016 2,612,405 913,284 1,699,1211,476,235 12/31/2017 2,298,757 889,720 1,409,037 1,409,037 12/31/2016 2,111,580 897,933 1,213,6471,414,608 12/31/2017 1,706,004 616,212 1,089,792 1,084,282 12/31/2016 1,462,259 664,131 798,1281,286,763 12/31/2017 1,987,541 709,656 1,277,885 1,277,885 12/31/2016 1,936,900 763,930 1,172,9701,527,231 12/31/2017 2,430,206 944,292 1,485,914 1,485,914 12/31/2016 2,263,774 963,057 1,300,717

1,548,227 12/31/2017 2,697,864 1,124,860 1,573,004 1,573,004 12/31/2016 2,821,048 1,211,980 1,609,0681,687,771 12/31/2016 2,481,528 962,580 1,518,948 1,518,948 12/31/2015 2,258,239 1,025,329 1,232,9101,334,507 12/31/2017 2,529,246 1,185,816 1,343,429 1,343,429 12/31/2016 2,506,403 1,184,683 1,321,7191,292,389 12/31/2017 2,142,093 877,348 1,264,745 1,264,745 12/31/2016 1,746,718 926,569 820,149932,622 12/31/2017 1,975,364 771,682 1,203,683 1,012,035 12/31/2016 1,790,400 697,878 1,092,522

1,045,805 12/31/2016 1,916,004 943,732 972,273 972,273 12/31/2015 1,704,456 766,363 938,0941,094,055 12/31/2017 2,571,640 1,471,667 1,099,972 1,099,972 12/31/2016 2,436,991 1,323,654 1,113,3361,094,921 12/31/2016 798,394 639,506 158,888 158,888 12/31/2015 791,700 635,688 156,0121,157,053 12/31/2017 1,801,962 627,714 1,174,248 1,145,971 12/31/2016 1,727,865 591,495 1,136,3701,016,581 12/31/2017 1,487,407 494,836 992,570 967,859 12/31/2016 1,259,223 467,335 791,8881,182,783 12/31/2017 2,361,386 1,183,682 1,177,704 1,177,704 12/31/2016 2,351,873 1,159,974 1,191,8991,281,438 12/31/2017 2,238,305 982,569 1,255,736 1,255,736 12/31/2016 2,058,526 958,075 1,100,452629,950 12/31/2017 1,708,040 873,491 834,550 834,550 12/31/2016 1,553,596 923,684 629,912893,606 12/31/2016 1,104,171 274,443 829,728 829,728 12/31/2015 1,053,027 282,657 770,370992,647 12/31/2017 2,087,832 1,128,593 959,239 481,950 12/31/2016 2,002,487 1,022,427 980,060

1,083,982 12/31/2017 1,638,580 590,946 1,047,634 1,047,634 12/31/2016 1,560,532 566,389 994,142756,361 12/31/2016 914,010 187,875 726,135 726,135 12/31/2015 850,492 180,709 669,783619,466 12/31/2016 949,211 373,995 575,216 575,216 12/31/2015 921,765 374,944 546,821593,598 12/31/2016 744,659 175,071 569,588 569,588 12/31/2015 693,537 185,903 507,634565,503 12/31/2017 762,031 176,034 585,997 585,997 N/A N/A N/A N/A539,938 12/31/2016 914,690 429,564 485,126 485,126 12/31/2015 887,100 527,813 359,287359,786 12/31/2016 1,080,654 713,617 367,037 367,037 12/31/2015 1,047,365 700,582 346,783586,700 12/31/2017 1,174,962 582,471 592,492 592,492 12/31/2016 992,559 517,735 474,825464,691 12/31/2016 596,888 135,304 461,584 461,584 12/31/2015 530,925 132,558 398,367488,429 12/31/2017 767,893 281,402 486,491 486,491 12/31/2016 759,783 298,623 461,160194,485 12/31/2016 667,618 345,111 322,507 156,999 12/31/2015 671,887 377,115 294,772126,260 12/31/2016 1,054,854 843,032 211,822 211,822 12/31/2015 1,069,872 806,016 263,856295,484 N/A N/A N/A N/A N/A N/A N/A N/A N/A281,284 12/31/2017 655,664 381,028 274,636 274,636 12/31/2016 639,693 378,054 261,639128,205 12/31/2016 402,293 216,674 185,619 133,661 12/31/2015 381,580 187,762 193,818

A-1-7













3rd Most Recent NCF Lien Position

Title Vesting (Fee/Leasehold)

Ground Lease Maturity Date

Cash Management (Description or N/A)

EngineeringEscrow/DeferredMaintenance(6) Tax Escrow (Initial)(6)

Tax Escrow (Monthly)(7)

Insurance Escrow (Initial)(6)

8,272,506 First Mortgage Fee Simple N/A N/A N/A N/A Springing N/A4,928,668 First Mortgage Fee Simple N/A N/A N/A 112,918 112,918 N/A3,967,731 First Mortgage Fee Simple N/A N/A N/A 405,224 101,306 N/A4,431,419 First Mortgage Fee Simple N/A N/A N/A 58,027 58,027 3,0425,027,378 First Mortgage Fee Simple N/A N/A 36,125 657,186 131,437 111,8933,455,225 First Mortgage Fee Simple N/A N/A N/A N/A 25,247 N/A

5,032,087 First Mortgage Fee Simple N/A N/A N/A N/A Springing N/A

2,827,019 First Mortgage Fee Simple N/A N/A N/A 246,732 49,346 N/A2,365,887 First Mortgage Fee Simple N/A N/A N/A 462,941 92,588 48,3393,129,490 First Mortgage Fee Simple N/A N/A N/A 194,055 38,811 N/A

N/A First Mortgage Fee Simple N/A N/A N/A 361,936 72,387 18,7882,336,038 First Mortgage Fee Simple N/A N/A 242,625 180,919 45,230 146,696

257,306 First Mortgage Fee Simple N/A N/A N/A 409,251 81,850 100,8232,086,324 First Mortgage Fee Simple N/A N/A N/A 262,712 65,678 N/A700,864 First Mortgage Fee Simple N/A N/A N/A 65,017 21,673 N/A

541,607 First Mortgage Fee Simple N/A N/A N/A 35,624 8,906 N/A

308,382 First Mortgage Fee Simple N/A N/A N/A 70,718 10,103 N/A

1,886,977 First Mortgage Fee Simple N/A N/A N/A 265,608 62,315 N/A1,973,692 First Mortgage Fee Simple N/A N/A 52,594 268,176 62,917 N/A1,516,755 First Mortgage Fee Simple N/A N/A N/A 31,058 15,529 N/A1,449,160 First Mortgage Fee Simple N/A N/A N/A 24,210 24,210 3,0081,370,564 First Mortgage Fee Simple N/A N/A N/A 19,836 9,918 N/A1,600,817 First Mortgage Fee Simple N/A N/A N/A 54,575 13,644 73,1101,440,613 First Mortgage Fee Simple N/A N/A N/A 33,941 11,314 9,6871,733,195 First Mortgage Fee Simple N/A N/A N/A 16,857 16,857 N/A1,699,121 First Mortgage Fee Simple N/A N/A 157,375 142,008 23,668 N/A1,213,647 First Mortgage Fee Simple N/A N/A N/A 17,031 8,515 N/A797,528 First Mortgage Fee Simple N/A N/A N/A 87,878 14,646 10,942

1,168,936 First Mortgage Fee Simple N/A N/A N/A 20,325 20,325 2,4271,300,717 First Mortgage Fee Simple N/A N/A N/A 86,033 6,366 13,100

1,609,068 First Mortgage Fee Simple N/A N/A N/A 77,340 15,468 71,7961,232,910 First Mortgage Fee Simple N/A N/A N/A 148,548 24,758 58,9021,321,719 First Mortgage Fee Simple N/A N/A 55,005 149,288 24,881 86,612820,149 First Mortgage Fee Simple N/A N/A N/A 40,852 8,170 21,350951,419 First Mortgage Fee Simple N/A N/A 45,948 21,611 10,805 N/A938,094 First Mortgage Fee Simple N/A N/A N/A 169,811 24,338 6,391

1,113,336 First Mortgage Fee Simple N/A N/A N/A 195,460 39,092 9,792156,012 First Mortgage Fee Simple N/A N/A N/A 123,791 20,632 53,180

1,108,066 First Mortgage Fee Simple N/A N/A N/A 58,912 11,782 28,561740,893 First Mortgage Fee Simple N/A N/A N/A 51,714 8,619 4,512

1,191,899 First Mortgage Fee Simple N/A N/A 74,306 161,329 32,266 N/A1,100,452 First Mortgage Fee Simple N/A N/A N/A 58,956 9,826 4,854629,912 First Mortgage Fee Simple N/A N/A 33,750 100,895 20,179 39,259770,370 First Mortgage Fee Simple N/A N/A N/A 17,648 8,824 15,391808,518 First Mortgage Fee Simple N/A N/A N/A 125,745 15,718 92,586994,142 First Mortgage Fee Simple N/A N/A N/A 56,871 9,478 3,397669,783 First Mortgage Fee Simple N/A N/A 250,000 15,017 7,509 12,986546,821 First Mortgage Fee Simple N/A N/A N/A 20,798 4,158 8,017507,634 First Mortgage Fee Simple N/A N/A N/A 10,901 5,451 17,906

N/A First Mortgage Fee Simple N/A N/A N/A 31,194 10,398 13,545359,287 First Mortgage Fee Simple N/A N/A N/A 8,866 4,433 8,060346,783 First Mortgage Fee Simple N/A N/A 137,813 30,578 5,096 58,680474,825 First Mortgage Fee Simple N/A N/A N/A 61,572 N/A N/A398,367 First Mortgage Fee Simple N/A N/A N/A 9,472 4,736 16,839461,160 First Mortgage Fee Simple N/A N/A N/A 26,484 N/A N/A205,085 First Mortgage Fee Simple N/A N/A N/A 9,692 4,846 19,294263,856 First Mortgage Fee Simple N/A N/A 136,250 90,035 30,012 9,285

N/A First Mortgage Fee Simple N/A N/A N/A 38,986 5,570 14,724261,639 First Mortgage Fee Simple N/A N/A 121,632 N/A 3,424 3,814143,459 First Mortgage Fee Simple N/A N/A N/A N/A Springing N/A

A-1-8













Insurance Escrow (Monthly)(7)

ReplacementReserve (Initial)(6)

ReplacementReserve

(Monthly)(8)

ReplacementReserve -

Contractual - Cap ($ or N/A)

Other Escrow (Initial)(6)

Other Escrow (Monthly)(9) Other Escrow Reserve Description(9)(10)

Springing N/A 29,912 N/A 747,756 N/A Green Improvements ReserveSpringing N/A 7,508 N/A N/A N/A N/ASpringing N/A 16,066 N/A 324,318 N/A Green Improvements Reserve

3,042 N/A 6,500 N/A 2,033,700; 166,286 N/A Additional Replacement Reserve; Green Improvements Reserve11,213 N/A 8,674 N/A 256,858 N/A Green Improvements Reserve11,799 N/A 8,875 N/A N/A N/A N/A

Springing N/A Springing N/A 157,913 N/A Green Improvements Reserve

Springing 157,780 6,708 N/A 116,525 N/A Green Improvements Reserve4,388 N/A 5,675 N/A 222,715 N/A Green Improvements Reserve

Springing N/A 6,934 N/A 44,888 N/A Green Improvements Reserve9,394 N/A 5,048 N/A N/A N/A N/A

11,284 437,500 7,292 N/A 154,910 N/A Green Improvements Reserve

8,506 N/A 4,770 N/A N/A N/A N/ASpringing 140,180 6,113 N/A 205,646 N/A Green Improvements ReserveSpringing N/A 2,150 N/A N/A N/A N/A

Springing N/A 1,425 N/A N/A N/A N/A

Springing N/A 1,425 N/A N/A N/A N/A

Springing 198,635 5,950 N/A 159,510; N/A N/A; Springing Green Improvements Reserve; Radon Remediation ReserveSpringing 740,124 7,000 N/A 33,307 N/A Green Improvements ReserveSpringing N/A 3,458 N/A 32,613 N/A Green Improvements Reserve

3,008 N/A 3,080 N/A 114,405; N/A N/A; Springing Green Improvements Reserve; Radon Remediation ReserveSpringing 140,657 Springing N/A N/A N/A N/A

10,444 72,240 5,644 N/A N/A N/A N/A3,229 N/A 4,675 N/A 197,588 N/A Green Improvements Reserve

Springing N/A 2,813 N/A 18,463 N/A Green Improvements ReserveSpringing 97,325 4,000 N/A 21,478 N/A Green Improvements ReserveSpringing N/A Springing N/A N/A N/A N/A

5,471 N/A 2,977 N/A 27,488 N/A Green Improvements Reserve2,427 N/A 2,635 N/A 86,820; N/A N/A; Springing Green Improvements Reserve; Radon Remediation Reserve2,620 149,760 3,504 N/A N/A N/A N/A

5,983 135,442 5,643 N/A N/A Springing Radon Remediation Reserve4,909 100,000 4,167 N/A N/A N/A N/A8,369 N/A 9,088 N/A 120,044 N/A Green Improvements Reserve2,372 N/A 2,255 N/A N/A N/A N/A

Springing N/A 1,750 N/A 19,225 N/A Green Improvement Reserve2,892 28,355 1,933 N/A 12,800 N/A Green Improvements Reserve4,896 N/A 6,072 N/A 115,480; N/A N/A; Springing Green Improvements Reserve; Radon Remediation Reserve4,091 N/A 1,575 N/A 1,000,000 N/A Replacement Reserve Additional Deposit2,596 N/A 4,042 N/A N/A Springing Radon Remediation Reserve2,256 N/A 1,907 N/A N/A Springing Radon Remediation Reserve

Springing 95,000 4,988 N/A N/A Springing Radon Remediation Reserve2,427 N/A 6,406 N/A 107,100 N/A Green Improvements Reserve2,804 N/A 4,380 N/A 18,600 N/A Green Improvements Reserve1,290 N/A 1,598 N/A N/A N/A N/A8,417 N/A 6,230 N/A N/A N/A N/A1,699 N/A 4,576 N/A N/A N/A N/A1,074 N/A 1,340 N/A N/A N/A N/A2,004 N/A 3,557 N/A N/A N/A N/A1,444 N/A 1,118 N/A N/A N/A N/A1,129 N/A 1,250 N/A N/A N/A N/A2,015 N/A 2,195 N/A N/A N/A N/A4,890 N/A 3,600 N/A N/A N/A N/A

Springing N/A Springing N/A N/A N/A N/A1,362 N/A 936 N/A N/A N/A N/A

Springing N/A Springing N/A N/A Springing Radon Remediation Reserve2,756 N/A 1,733 N/A N/A N/A N/A3,095 N/A Springing N/A N/A N/A N/A2,103 47,000 1,567 N/A 54,241 N/A Student Housing Pre-Leasing Debt Service Reserve1,907 N/A 2,525 N/A N/A N/A N/A

Springing N/A Springing N/A N/A N/A N/A

A-1-9













Springing Reserve Type(7)(8)(9) Springing Reserve Amount

SeismicInsurance if PML >= 20%

(Y/N)Green

Advantage(10)Monthly Rent

Per Unit

AdditionalFinancing In Place

(existing) (Y/N)Additional Financing

Amount (existing)Tax Reserve; Insurance Reserve N/A No Green Up 1,188 No N/A

Insurance Reserve N/A No N/A 1,921 No N/AInsurance Reserve N/A No Green Up 936 No N/A

N/A N/A No Green Up 1,858 No N/AN/A N/A No Green Up 1,318 No N/AN/A N/A No N/A 1,049 No N/A

Tax Reserve; Insurance Reserve; Replacement Reserve Replacement Reserve (8,325) No Green Up 2,290 No N/A

Insurance Reserve N/A No Green Up 1,261 No N/AN/A N/A No Green Up 1,263 No N/A

Insurance Reserve N/A No Green Up 1,192 No N/AN/A N/A No N/A 1,166 No N/AN/A N/A No Green Up 976 No N/A

N/A N/A No N/A 1,117 No N/AInsurance Reserve N/A No Green Up 1,030 No N/AInsurance Reserve N/A No N/A 3,452 No N/A

Insurance Reserve N/A No N/A 2,544 No N/A

Insurance Reserve N/A No N/A 2,979 No N/A

Insurance Reserve; Radon Remediation Reserve N/A No Green Up 1,374 No N/AInsurance Reserve N/A No Green Up 1,210 No N/AInsurance Reserve N/A No Green Up 1,408 No N/A

Radon Remediation Reserve N/A No Green Up 1,218 No N/AInsurance Reserve; Replacement Reserve Replacement Reserve (4,875) No N/A 927 No N/A

N/A N/A No N/A 829 No N/AN/A N/A No Green Up 1,118 No N/A

Insurance Reserve N/A No Green Up 1,692 No N/AInsurance Reserve N/A No Green Up 1,132 No N/A

Insurance Reserve; Replacement Reserve Replacement Reserve (5,221) No N/A 887 No N/AN/A N/A No Green Up 1,320 No N/A

Radon Remediation Reserve N/A No Green Up 1,340 No N/AN/A N/A No N/A 1,024 No N/A

Radon Remediation Reserve N/A No N/A 915 No N/AN/A N/A No N/A 1,152 No N/AN/A N/A No Green Up 725 No N/AN/A N/A No N/A 375 No N/A

Insurance Reserve N/A No Green Up 1,850 No N/AN/A N/A No Green Up 1,454 No N/A

Radon Remediation Reserve N/A No Green Up 816 No N/AN/A N/A No N/A 532 No N/A

Radon Remediation Reserve N/A No N/A 768 No N/ARadon Remediation Reserve N/A No N/A 1,475 No N/A

Insurance Reserve; Radon Remediation Reserve N/A No N/A 860 No N/AN/A N/A No Green Up 684 No N/AN/A N/A No Green Up 964 No N/AN/A N/A No N/A 1,461 No N/AN/A N/A No N/A 905 No N/AN/A N/A No N/A 667 No N/AN/A N/A No N/A 1,685 No N/AN/A N/A No N/A 826 No N/AN/A N/A No N/A 1,468 No N/AN/A N/A No N/A 1,231 No N/AN/A N/A No N/A 781 No N/AN/A N/A No N/A 762 No N/A

Insurance Reserve; Replacement Reserve Replacement Reserve (1,975) No N/A 644 No N/AN/A N/A No N/A 1,489 No N/A

Insurance Reserve; Replacement Reserve; Radon Remediation Reserve Replacement Reserve (1,420) No N/A 1,143 No N/AN/A N/A No N/A 609 No N/A

Replacement Reserve Replacement Reserve (1,425) No N/A 1,587 No N/AN/A N/A No N/A 615 No N/AN/A N/A No N/A 600 No N/A

Tax Reserve; Insurance Reserve; Replacement Reserve Replacement Reserve (1,275) No N/A 555 No N/A

A-1-10













Additional Financing Description (existing)

Future Supplemental Financing (Y/N) Future Supplemental Financing Description (11)

N/A Yes (i) Max combined LTV of 50.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 60.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 80.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25x (iii) Annual EGI of the Mortgaged Property will not be

less than $5,982,296 (iv) Annual NOI of the Mortgaged Property will not be less than $3,936,544N/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25x (iii) Annual EGI of the Mortgaged Property will not be

less than $7,531,118 (iv) Annual NOI of the Mortgaged Property will not be less than $4,796,649 (v) If the CLTV is equal to or greater than 65.0%, the borrower must provide a guarantor that meets certain requirements outlined in the loan agreement.

N/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25x

N/A Yes(i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25x (iii) Annual EGI of the Mortgaged Property will not be less than $4,819,906 (iv) Annual NOI of the Mortgaged Property will not be less than $2,411,806

N/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 80.0% (ii) Min combined DSCR of 1.40x (iii) Max aggregate combined LTV of 75.0% (iv) Min

aggregate combined DSCR of 1.40xN/A Yes (i) Max combined LTV of 80.0% (ii) Min combined DSCR of 1.40x (iii) Max aggregate combined LTV of 75.0% (iv) Min

aggregate combined DSCR of 1.40xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.40x (iii) Max aggregate combined LTV of 75.0% (iv) Min

aggregate combined DSCR of 1.40xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 50.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25x (iii) Annual EGI of the Mortgage Property will not be less

than $2,509,174 (iv) Annual NOI of the Mortgaged Property will not be less than $1,523,080N/A Yes (i) Max combined LTV of 60.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 60.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 60.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 60.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 80.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 55.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 80.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 10.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 60.0% (ii) Min combined DSCR of 1.25xN/A Yes (i) Max combined LTV of 80.0% (ii) Min combined DSCR of 1.25xN/A Yes Freddie Mac will not purchase, but may permit another lender to extend to Borrower, subordinate financing secured by the

mortgage property, provided that all of Lender's requirements are satisfied.

A-1-11

Footnotes to Exhibit A-1

(1) Low Income Units are affordable to families with incomes no greater than 80.0% of area median income in multifamily rentalproperties.

Very Low Income Units are affordable to families with incomes no greater than 50.0% of area median income in multifamilyrental properties.

(2) The related groups of underlying mortgage loans were made to separate borrowers under common ownership.

For discussion of the risks associated with related borrower loans, see "Risk Factors—Risks Related to the UnderlyingMortgage Loans " in this Information Circular.

(3) The Administration Fee Rate includes the master servicing fee rate, sub-servicing fee rate, master servicer surveillance feerate, special servicer surveillance fee rate, trustee fee rate, certificate administrator fee rate and CREFC® IntellectualProperty Royalty License Fee Rate applicable to each underlying mortgage loan.

(4) Monthly Debt Service Amount (Amortizing) shown for underlying mortgage loans with partial interest only periods reflectssuch amounts payable after the expiration of the applicable interest only period. Monthly Debt Service Amount (Amortizing)shown for full term interest only underlying mortgage loans is based on the monthly interest only payment amount.

(5) Prepayment Provision is shown from the respective underlying mortgage loan origination date.

With respect to Prepayment Provision, for the underlying mortgage loan secured by the mortgaged real property identified as“Sanctuary At Winterlakes”, the related underlying mortgage loan documents require the related borrower to prepay in partsuch underlying mortgage loan if, among other things, the tax abatement benefiting the related mortgaged real property is notobtained or renewed, as applicable. See “Description of the Underlying Mortgage Loans—Certain Terms and Conditions ofthe Underlying Mortgage Loans—Prepayment Provisions” in this information circular.

(6) Initial Escrow Balances are as of the related underlying mortgage loan origination date, not as of the Cut-off Date.

(7) With respect to Tax and Insurance Escrow (Monthly), springing Tax and Insurance Escrow (Monthly) commences upon anevent of default or, with respect to certain underlying mortgage loans, (i) event of default or (ii) origination of supplementalmortgage (as applicable).

(8) With respect to Replacement Reserve (Monthly), springing Replacement Reserve (Monthly) commences upon (i) event ofdefault or (ii) origination of supplemental mortgage (as applicable).

(9) With respect to the Other Escrow (Monthly), a springing Radon Remediation Reserve (Monthly) commences upon the related long term radon test concluding radon concentrations greater than 4 pCi/L for 150% of the total amount necessary forremediation if radon testing results indicate radon remediation is required.

With respect to the Green Improvements Reserve, generally the related borrower is required to make a deposit to be usedfor green improvements and repairs. The escrow deposit was deposited by the related borrower on the underlying mortgageloan origination date.

(10) Certain underlying mortgage loans identified on Exhibit A-1 as having a Green Improvements Reserve were underwritten inaccordance with Freddie Mac’s Green Up® or Green Up Plus® programs. Such underlying mortgage loans were underwrittenassuming that the related borrower will make certain energy and/or water/sewer improvements to a mortgaged real propertygenerally within 2 years after the origination of the related underlying mortgage loan. The lender typically escrows 125% ofthe cost to complete such capital improvements.

(11) With respect to the Future Supplemental Financing Description, for 59 of the underlying mortgage loans, other than therequired maximum combined LTV and minimum combined DSCR, the underlying mortgage loan documents also require (i)Freddie Mac approval, (ii) the passage of at least 12 months after the origination of the first mortgage and (iii) certain otherconditions of the security instrument or the underlying mortgage loan agreement, where applicable.

With respect to the Future Supplemental Financing Description, for the underlying mortgage loan secured by the mortgagedreal property identified as “Beacon Manor”, Freddie Mac may permit another lender to extend to the related borrower certainsubordinate financing secured by the related mortgaged real property so long as all of the lender’s requirements aresatisfied, but Freddie Mac will not purchase such subordinate financing.

A-1-12

(12) With respect to Other Escrow (Initial) for the underlying mortgage loan identified as "North Pointe Apartments", the borrowerwas required to deposit $2,033,700 at closing as an Additional Replacement Reserve for repairs to be completed 24 monthsfollowing the origination date of the loan.

(13) With respect to Crossed Loans, the underlying mortgage loans are cross-collateralized and cross-defaulted with each other.The Cut-Off Date Balance/Unit, Cut-Off Date LTV, Maturity LTV, UW NCF DSCR and UW NCF DSCR (IO) calculationspresented are based on the aggregate indebtedness of the underlying mortgage loans and the aggregate Cut-Off Date LoanAmount, Maturity Balance, Total Units, Appraised Value, Monthly Debt Service Amount (Amortizing), Monthly Debt ServiceAmount (IO) and UW NCF of all mortgaged real properties securing the underlying mortgage loans.

(14) With respect to "Cedarhurst Of Waterloo", "Cedarhurst Of Highland" and "Cedarhurst Of Breese", CBRE Multifamily Capital,Inc., a Delaware corporation and a wholly-owned subsidiary of CBRE Capital Markets, Inc., originated the underlyingmortgage loans. Prior to the Closing Date, CBRE Multifamily Capital, Inc. will transfer the underlying mortgage loans itoriginated to CBRE Capital Markets, Inc.

(15) With respect to Other Escrow (Initial) for the underlying mortgage loan identified as "Crosswinds MHC", the borrower wasrequired to deposit $1,000,000 at closing as an additional replacement reserve for repairs to be completed by June 15, 2021.

(16) With respect to Other Escrow (Initial), for the underlying mortgage loan identified as "The Summit At Campus Edge", theborrower was required to make a deposit of $54,241 on the underlying mortgage loan origination date into a Student HousingPre-Leasing Debt Service Reserve. The reserve will remain in place until anytime in the fall semester when the mortgagedreal property demonstrates a minimum underwritten occupancy of 93% and the NRI equals at least $51,494.

A-1-13

Ten Largest Underlying Mortgage Loans % of Initial Cut-off

Number of Mortgaged Property

Cut-off Date Principal

Mortgage Pool

Underwritten NCF

Date LTV Mortgage

Loan Name Properties Sub-Type Location Balance Balance DSCR Ratio RateThe Pavilion Apartments 1 High Rise Chicago, IL $92,704,000 7.6% 2.25x 49.8% 4.050% The Paseos Apartment Homes 1 Garden Montclair, CA 72,420,000 5.9 1.27x 60.0% 4.270%The Ashmore 1 Garden Pasadena, TX 57,620,000 4.7 1.25x 74.3% 4.390% North Pointe Apartments 1 Garden Vacaville, CA 55,900,000 4.6 1.94x 65.0% 3.970% Broadmoor Apartments 1 Mid Rise Hamden, CT 53,211,000 4.4 1.25x 79.4% 4.490% Monaco Lakes Apartments 1 Garden Denver, CO 42,500,000 3.5 2.00x 61.3% 4.440% Park Sierra Apartments 1 Garden Dublin, CA 39,944,856 3.3 2.07x 42.8% 3.830% Hawthorne At Kennesaw 1 Garden Kennesaw, GA 39,868,000 3.3 1.25x 67.9% 4.420%Abbey At Stone Oak 1 Garden San Antonio, TX 33,150,000 2.7 1.25x 68.9% 4.290% Deep Deuce 1 Garden Oklahoma City, OK 32,250,000 2.6 1.29x 74.4% 4.290%

Total / Wtd. Average 10 $519,567,856 42.6% 1.63x 63.1% 4.228%

Mortgage Pool Cut-off Date Principal Balances

Weighted Weighted Number of Cut-off Date % of Initial Average Average Weighted

Mortgage Principal Mortgage Underwritten Cut-off Date Average Range of Cut-off Date Balances Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

$1,296,686 - $9,999,999 18 $100,652,817 8.2% 1.78x 64.4% 4.630% $10,000,000 - $19,999,999 20 305,741,461 25.0 1.42x 66.9% 4.547% $20,000,000 - $29,999,999 9 202,124,485 16.6 1.41x 67.5% 4.410% $30,000,000 - $39,999,999 7 237,677,856 19.5 1.39x 64.7% 4.344% $40,000,000 - $59,999,999 4 209,231,000 17.1 1.59x 70.5% 4.313% $60,000,000 - $92,704,000 2 165,124,000 13.5 1.82x 54.3% 4.146%

Total / Wtd. Average 60 $1,220,551,618 100.0% 1.53x 65.3% 4.398%

Mortgage Pool Underwritten Debt Service Coverage Ratios Weighted Weighted Number of Cut-off Date % of Initial Average Average Weighted

Mortgage Principal Mortgage Underwritten Cut-off Date Average Range of Underwritten DSCRs Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

1.25x - 1.29x 32 $728,680,000 59.7% 1.26x 69.8% 4.448% 1.30x - 1.39x 5 44,415,216 3.6 1.32x 64.8% 4.618% 1.40x - 1.69x 7 81,752,861 6.7 1.46x 64.4% 4.715% 1.70x - 1.99x 7 136,388,686 11.2 1.85x 64.4% 4.285% 2.00x - 8.72x 9 229,314,856 18.8 2.26x 51.7% 4.147%


A-2-1

Mortgage Pool Geographic Distribution Weighted Weighted Number of Cut-off Date % of Initial Average Average Weighted Mortgaged Principal Mortgage Underwritten Cut-off Date Average Property Location Properties Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

California 6 $227,265,856 18.6% 1.65x 58.6% 4.145% Southern California 4 131,421,000 10.8 1.40x 60.8% 4.316% Northern California 2 95,844,856 7.9 1.99x 55.7% 3.912%

Texas 8 215,868,861 17.7 1.32x 68.1% 4.458% Florida 7 122,170,000 10.0 1.37x 69.4% 4.636% Illinois 4 117,617,000 9.6 2.07x 55.0% 4.234% Connecticut 3 100,198,000 8.2 1.26x 75.9% 4.504% Nevada 4 80,018,000 6.6 1.37x 66.6% 4.437% Georgia 3 54,774,000 4.5 1.33x 67.6% 4.520% Colorado 1 42,500,000 3.5 2.00x 61.3% 4.440% Washington 3 41,941,783 3.4 1.27x 73.0% 4.023% Oklahoma 2 41,506,000 3.4 1.48x 72.3% 4.337% Massachusetts 4 31,236,000 2.6 1.25x 63.5% 4.470% Louisiana 2 28,474,000 2.3 1.77x 61.5% 4.641% Virginia 4 23,206,474 1.9 1.67x 66.3% 4.599% North Carolina 1 21,135,000 1.7 1.25x 71.2% 4.710% Missouri 1 16,000,000 1.3 1.32x 58.3% 4.460% Pennsylvania 1 15,000,000 1.2 1.26x 73.2% 4.530% South Carolina 1 12,984,987 1.1 1.35x 69.8% 4.640% Utah 1 12,973,000 1.1 1.81x 63.6% 4.460% Wisconsin 1 6,199,000 0.5 1.30x 64.9% 4.780% Michigan 1 3,511,658 0.3 1.25x 77.2% 4.790% New York 1 3,500,000 0.3 8.72x 8.8% 4.010% Kansas 1 2,472,000 0.2 1.96x 61.8% 4.640%


Collateral Locations

A-2-2

Mortgage Pool Cut-off Date Loan-to-Value Ratios Weighted Weighted Number of Cut-off Date % of Initial Average Average Weighted

Mortgage Principal Mortgage Underwritten Cut-off Date Average Range of Cut-off Date LTV Ratios Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

8.8% - 49.9% 4 $137,445,541 11.3% 2.36x 46.7% 3.989% 50.0% - 59.9% 6 75,843,861 6.2 1.73x 56.2% 4.379% 60.0% - 64.9% 16 289,091,000 23.7 1.49x 62.0% 4.493% 65.0% - 69.9% 14 322,545,987 26.4 1.47x 67.2% 4.391% 70.0% - 74.9% 16 302,228,571 24.8 1.27x 73.2% 4.465% 75.0% - 79.4% 4 93,396,658 7.7 1.25x 77.7% 4.527%


Mortgage Pool Maturity Date Loan-to-Value Ratios Weighted Weighted Number of Cut-off Date % of Initial Average Average Weighted

Mortgage Principal Mortgage Underwritten Maturity Date Average Range of Maturity Date LTV Ratios Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

8.8% - 49.9% 5 $150,269,402 12.3% 2.28x 44.4% 4.012% 50.0% - 59.9% 21 341,403,329 28.0 1.40x 56.2% 4.438% 60.0% - 64.9% 16 298,797,887 24.5 1.44x 62.3% 4.463% 65.0% - 72.6% 18 430,081,000 35.2 1.43x 67.4% 4.455%


Mortgage Pool Mortgage Rates Weighted Weighted

Number of Cut-off Date % of Initial Average Average Weighted Mortgage Principal Mortgage Underwritten Cut-off Date Average

Range of Mortgage Rates Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate 3.830% - 3.999% 2 $95,844,856 7.9% 1.99x 55.7% 3.912% 4.000% - 4.249% 5 156,849,097 12.9 2.12x 55.1% 4.050% 4.250% - 4.499% 22 522,567,547 42.8 1.38x 67.5% 4.387% 4.500% - 4.749% 22 375,134,987 30.7 1.40x 67.3% 4.599% 4.750% - 4.920% 9 70,155,132 5.7 1.31x 73.7% 4.843%


Mortgage Pool Original Term to Maturity Weighted Weighted


Original Term to Maturity (months) Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate 120 60 $1,220,551,618 100.0% 1.53x 65.3% 4.398%


Mortgage Pool Remaining Term to Maturity Weighted Weighted

Number of Cut-off Date % of Initial Average Average Weighted Remaining Term to Maturity Mortgage Principal Mortgage Underwritten Cut-off Date Average (months) Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

117 - 118 43 $935,583,914 76.7% 1.50x 65.6% 4.396% 119 17 284,967,704 23.3 1.63x 64.1% 4.402%


A-2-3

Mortgage Pool Original Amortization Term Weighted Weighted


Original Amortization Term (months) Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate Interest Only 13 $321,990,000 26.4% 2.11x 58.2% 4.240% 360 47 898,561,618 73.6 1.32x 67.8% 4.454%


Mortgage Pool Remaining Amortization Term Weighted Weighted


Remaining Amortization Term (months) Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate Interest Only 13 $321,990,000 26.4% 2.11x 58.2% 4.240% 358 - 359 9 123,963,618 10.2 1.55x 61.8% 4.147% 360 38 774,598,000 63.5 1.28x 68.8% 4.503%


Mortgage Pool Seasoning Weighted Weighted


Seasoning (months) Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate 1 17 $284,967,704 23.3% 1.63x 64.1% 4.402% 2 - 3 43 935,583,914 76.7 1.50x 65.6% 4.396%


Mortgage Pool Amortization Type Weighted Weighted Number of Cut-off Date % of Initial Average Average Weighted

Mortgage Principal Mortgage Underwritten Cut-off Date Average Amortization Type Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

Partial IO 38 $774,598,000 63.5% 1.28x 68.8% 4.503%Interest Only 13 321,990,000 26.4 2.11x 58.2% 4.240% Balloon 9 123,963,618 10.2 1.55x 61.8% 4.147%


Mortgage Pool Loan Purpose Weighted Weighted Number of Cut-off Date % of Initial Average Average Weighted

Mortgage Principal Mortgage Underwritten Cut-off Date Average Amortization Type Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

Refinance 46 $926,236,932 75.9% 1.55x 63.6% 4.378% Acquisition 14 294,314,686 24.1 1.44x 70.6% 4.460%


Mortgage Pool Prepayment Protection Weighted Weighted Number of Cut-off Date % of Initial Average Average Weighted

Mortgage Principal Mortgage Underwritten Cut-off Date Average Prepayment Protection Loans Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

Defeasance 54 $1,099,994,932 90.1% 1.54x 64.9% 4.387% Defeasance, then 1% Penalty 5 119,260,000 9.8 1.42x 68.6% 4.496%Greater of Yield Maintenance or 1% 1 1,296,686 0.1 1.76x 49.9% 4.430%


A-2-4

Mortgage Pool Property Sub-Types Weighted Weighted Number of Cut-off Date % of Initial Average Average Weighted

Mortgaged Principal Mortgage Underwritten Cut-off Date Average Property Sub-Type Properties Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

Garden 47 $969,399,618 79.4% 1.46x 66.1% 4.401% High Rise 2 96,204,000 7.9 2.49x 48.3% 4.049% Mid Rise 1 53,211,000 4.4 1.25x 79.4% 4.490%Student 4 44,115,000 3.6 1.47x 62.7% 4.600% Assisted Living 3 24,913,000 2.0 1.40x 74.3% 4.920%Manufactured Housing Community 1 16,000,000 1.3 1.32x 58.3% 4.460% MHC Age Restricted 1 14,237,000 1.2 1.27x 72.3% 4.560%Age Restricted 1 2,472,000 0.2 1.96x 61.8% 4.640%


Mortgage Pool Current Occupancy Weighted Weighted Number of Cut-off Date % of Initial Average Average Weighted

Mortgaged Principal Mortgage Underwritten Cut-off Date Average Range of Current Occupancy Properties Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

83.1% - 89.9% 1 $14,237,000 1.2% 1.27x 72.3% 4.560%90.0% - 94.9% 17 372,821,702 30.5 1.58x 63.7% 4.370%95.0% - 100.0% 42 833,492,916 68.3 1.51x 65.8% 4.407%


Mortgage Pool Year Built / Renovated Weighted Weighted Number of Cut-off Date % of Initial Average Average Weighted Mortgaged Principal Mortgage Underwritten Cut-off Date Average Most Recent Year Built / Renovated Properties Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

1914 - 1989 15 $325,262,090 26.6% 1.75x 63.3% 4.345%1990 - 1999 5 87,781,786 7.2 1.63x 56.0% 4.274% 2000 - 2009 17 394,089,987 32.3 1.46x 68.5% 4.399% 2010 - 2014 6 121,979,658 10.0 1.29x 65.4% 4.494%2015 - 2017 17 291,438,097 23.9 1.44x 65.9% 4.450%


Mortgage Pool Green Advantage® Weighted Weighted Number of Cut-off Date % of Initial Average Average Weighted

Mortgaged Principal Mortgage Underwritten Cut-off Date Average Green Advantage® Classification Properties Balance Pool Balance NCF DSCR LTV Ratio Mortgage Rate

Green Up® 25 $735,593,952 60.3% 1.55x 66.2% 4.316%N/A 35 484,957,666 39.7 1.49x 63.9% 4.522%


A-2-5

Description of the Ten Largest Underlying Mortgage Loans

1. The Pavilion Apartments

2. The Paseos Apartment Homes

Original Principal Balance: $92,704,000

Cut-off Date Principal Balance: $92,704,000

Maturity Date Principal Balance: $92,704,000

% of Initial Mortgage Pool Balance: 7.6%

Loan Purpose: Refinance

Interest Rate: 4.050%

First Payment Date: April 1, 2018

Maturity Date: March 1, 2028

Amortization: Interest Only

Call Protection: L(27) D(89) O(4)

Cash Management: N/A

Cut-off Date Principal Balance / Unit: $83,217

Maturity Date Principal Balance / Unit: $83,217

Cut-off Date LTV: 49.8%

Maturity Date LTV: 49.8%

Underwritten DSCR: 2.25x

# of Units/Low Income/V. Low Income: 1,114 / 561 / 223

Collateral: Fee Simple

Location: Chicago, IL

Property Sub-type: High Rise

Year Built / Renovated: 1968 / N/A

Occupancy: 91.7% (1/23/2018)

Underwritten / Most Recent NCF: $8,548,989 / $5,814,265







First Payment Date: May 1, 2018

Maturity Date: April 1, 2028

Amortization: IO (60), then amortizing 30-year schedule








# of Units/Low Income/V. Low Income: 385 / N/A / N/A


Location: Montclair, CA

Property Sub-type: Garden


Occupancy: 95.1% (3/31/2018)


A-3-1

3. The Ashmore

4. North Pointe Apartments





Loan Purpose: Acquisition














Location: Vacaville, CA



Occupancy: 97.1% (3/31/2018)


















# of Units/Low Income/V. Low Income: 696 / 671 / N/A


Location: Pasadena, TX



Occupancy: 95.0% (2/14/2018)


A-3-2

5. Broadmoor Apartments

6. Monaco Lakes Apartments Original Principal Balance: $42,500,000






First Payment Date: June 1, 2018

Maturity Date: May 1, 2028











Location: Denver, CO


Year Built / Renovated: 1974 / 2015

Occupancy: 96.0% (4/20/2018)


Original Principal Balance: $53,211,000 Cut-off Date Principal Balance: $53,211,000



Loan Purpose: Acquisition














Location: Hamden, CT

Property Sub-type: Mid Rise

Year Built / Renovated: 1971 / 2005 Occupancy: 95.8% (2/28/2018)


A-3-3

7. Park Sierra Apartments

8. Hawthorne At Kennesaw









Amortization: Amortizing 30 year schedule








# of Units/Low Income/V. Low Income: 283 / 58 / 56


Location: Dublin, CA



Occupancy: 95.8% (4/29/2018)











Call Protection: L(26) D(57) 1%(33) O(4)



Maturity Date Principal Balance / Unit: 113,171






Location: Kennesaw, GA



Occupancy: 92.2% (3/23/2018)


A-3-4

9. Abbey At Stone Oak

10. Deep Deuce



















Location: San Antonio, TX



Occupancy: 96.0% (3/23/2018)




















Location: Oklahoma City, OK



Occupancy: 94.2% (2/26/2018)


A-3-5

Per Annum

Per Annum

Per Annum

If you intend to purchase SPCs, you should rely only on theinformation in this Supplement, the Offering Circular andthe Information Circular, including the information in theIncorporated Documents. We have not authorized anyone toprovide you with different information.This Supplement, the Offering Circular, the InformationCircular and the Incorporated Documents may not becorrect after their dates.We are not offering the SPCs in any jurisdiction thatprohibits their offer.

TABLE OF CONTENTSDescription Page

Offering Circular SupplementCertain Risk Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-2Terms Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-3Available Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-6General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-7

Multifamily Pass-Through Trust Agreement . . . . . . . . . . . . . . . . S-7Form of SPCs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-7Denominations of SPCs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-7Structure of Transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-7The Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-9Credit Risk Retention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-9

Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-9Payment Dates; Record Dates . . . . . . . . . . . . . . . . . . . . . . . . . . S-9Method of Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10Principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10Static Prepayment Premiums and Yield MaintenanceCharges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10

Class Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11Optional Termination; Redemption . . . . . . . . . . . . . . . . . . . . . . S-11

Prepayment and Yield Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-12Mortgage Prepayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-12Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-12Suitability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-13

Final Payment Dates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-13Certain Federal Income Tax Consequences . . . . . . . . . . . . . . . . . . . . S-13

General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-13Classification of Investment Arrangement . . . . . . . . . . . . . . . . . S-13Status of Classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-14Information Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-14

Legal Investment Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-14Accounting Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-14ERISA Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-14Ratings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-16Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-17Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-17Appendix A — Selling Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . S-A-1

Information CircularImportant Notice Regarding the Certificates . . . . . . . . . . . . . . . . . . . . 4Important Notice about Information Presented in this InformationCircular . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Summary of Information Circular . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36Capitalized Terms Used in this Information Circular . . . . . . . . . . . . . 84Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84Description of the Issuing Entity . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84Description of the Depositor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86Description of the Mortgage Loan Seller and Guarantor . . . . . . . . . . . 86Description of the Underlying Mortgage Loans . . . . . . . . . . . . . . . . . 90Description of the Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117Yield and Maturity Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . 141The Pooling and Servicing Agreement . . . . . . . . . . . . . . . . . . . . . . . . 147Certain Federal Income Tax Consequences . . . . . . . . . . . . . . . . . . . . 205State and Other Tax Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . 214Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215Ratings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218

Exhibits to Information CircularExhibit A-1 — Certain Characteristics of the Underlying MortgageLoans and the Related Mortgaged Real Properties . . . . . . . . . . . . . A-1-1

Exhibit A-2 — Certain Mortgage Pool Information . . . . . . . . . . . . . . A-2-1Exhibit A-3 — Description of the Ten Largest Underlying MortgageLoans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-3-1

Exhibit B — Form of Certificate Administrator’s Statement toCertificateholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1

Exhibit C-1 — Mortgage Loan Seller’s Representations andWarranties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-1-1

Exhibit C-2 — Exceptions to Mortgage Loan Seller’s Representationsand Warranties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-2-1

Exhibit D — Decrement Tables for the Offered Principal BalanceCertificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D-1

Exhibit E — Price/Yield Tables for the Class X1, XAM and X3Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-1

$1,049,674,000(Approximate)

Freddie Mac

Structured Pass-Through Certificates (SPCs)Series K-077

Co-Lead Managers and Joint Bookrunners

Credit Suisse

Goldman Sachs & Co. LLC

Co-Managers

Brean CapitalHunt Financial SecuritiesMulti-Bank Securities Inc.Wells Fargo Securities

June 18, 2018