Offering Circular Supplement $734,486,000 ... - Freddie Mac

Offering Circular Supplement(To Offering CircularDated August 1, 2014)

$734,486,000(Approximate)

Freddie MacStructured Pass-Through Certificates (SPCs)

Series K-KA

Offered 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 2015-KKA Mortgage TrustMortgages: Floating-rate, multifamily mortgagesUnderlying Originators: ACRE Capital LLC, KeyBank National Association, PNC Bank, National

Association and Wells Fargo Bank, National AssociationUnderlying Seller: Freddie MacUnderlying Depositor: Wells Fargo Commercial Mortgage Securities, Inc.Underlying Master Servicer: KeyBank National AssociationUnderlying Special Servicer: KeyBank National AssociationUnderlying Trustee: U.S. Bank National AssociationUnderlying Certificate Administratorand Custodian: U.S. Bank National Association

Payment Dates: Monthly beginning in April 2015Optional 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 pricesClosing Date: On or about March 18, 2015

Class

Original PrincipalBalance or

Notional Amount(1)Approximate InitialCredit Support

ClassCoupon

CUSIPNumber Final Payment Date

A . . . . . . . . . . . . . . . . . . . . . . . . . . $734,486,000 10.000% (2) 3137BGMK2 July 25, 2025X . . . . . . . . . . . . . . . . . . . . . . . . . . 816,096,000 N/A (2) 3137BGML0 July 25, 2025

(1) Approximate. May vary by up to 5%.(2) See Terms Sheet — Interest.

The SPCs may not be suitable investments for you. You should not purchase SPCs unless you have carefullyconsidered and are able to bear the associated prepayment, interest rate, yield and market risks of investing inthem. Certain Risk Considerations on page S-2 highlights some of these risks.

You should purchase SPCs only if you have read and understood this Supplement, our Giant and Other Pass-Through Certificates Offering Circular dated August 1, 2014 (the “Offering Circular”) and the other documentsidentified under Available Information.

We guarantee certain principal and interest payments on the SPCs. These payments are not guaranteed by, and arenot debts or obligations of, the United States or any federal agency or instrumentality other than Freddie Mac.The SPCs are not tax-exempt. Because of applicable securities law exemptions, we have not registered the SPCswith any federal or state securities commission. No securities commission has reviewed this Supplement. Wehave not engaged any rating agency to rate the SPCs.

Co-Lead Managers and Joint Bookrunners

Wells Fargo Securities Credit Suisse

Co-Managers

J.P.Morgan Morgan Stanley Stern Brothers & Co.

March 9, 2015

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 at a premium over its principal balance, or if you buy X, and prepayments onthe underlying Mortgages are faster than you expect.

• You buy A at a discount to its principal balance and prepayments on the underlyingMortgages are slower than you expect.

Rapid prepayments on the Mortgages would reduce the yields on A and X, and because X is anInterest Only Class could even result in the failure of investors in that Class to recover theirinvestment.

If the holders of a majority interest in X (initially expected to be Freddie Mac) direct waivers ofthe borrowers’ obligations to pay Static Prepayment Premiums in connection with prepayments ofMortgages, the borrowers would have an incentive to prepay their Mortgages, which could result in theMortgages experiencing a higher than expected rate of prepayments. See Payments — StaticPrepayment Premiums in this Supplement and Risk Factors — Risks Related to the OfferedCertificates — The Underlying Mortgage Loans May Experience a Higher Than Expected Rate ofPrepayment Due to the Right of a Majority of Holders of Class X Certificates to Cause the Waiver ofStatic Prepayment Premiums and Due to Limited Prepayment Protection in the Information Circular.

LIBOR Levels Can Reduce Your Yield. Your yield could be lower than you expect if LIBORlevels are lower than you expect.

The SPCs are Subject to Basis Risk. The Class Coupon of A is subject to a cap based on, andthe Class Coupon of X is based on, the Weighted Average Net Mortgage Pass-Through Rate. As aresult, the SPCs will be subject to basis risk, which may reduce their 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 rate margins over LIBOR. If you sell your SPCs when their market value is low, youmay experience significant losses. The placement agents named on the front cover (the “PlacementAgents”) intend to deliver the SPCs on our behalf to third party purchasers; however, if the SPCs arenot placed with third parties, they will be resold to us by the Placement Agents.

The SPCs Will Not Be Rated. The SPCs will not be rated by any NRSRO (unless anNRSRO issues an unsolicited rating), which may adversely affect the ability of an investor topurchase or retain, or otherwise impact the liquidity, market value and regulatory characteristics of,the SPCs.

Payments of Additional Interest Distribution Amounts will Reduce the Yield of X. The yieldof X will be reduced to the extent that Additional Interest Distribution Amounts are required to bepaid to the class B certificates from amounts otherwise payable to the class X certificates. SeeDescription of the Certificates — Distributions — Interest Distributions in the Information Circular.

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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 letter designation. Forexample, “A” refers to the A 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 floating-rate, multifamily balloon mortgage loan that provides for (1) anamortization schedule that is significantly longer than its remaining term to stated maturity; and (2) asubstantial payment of principal on its maturity date.

In addition to the Underlying Classes, the Underlying Trust is issuing two other classes ofsecurities: the class B and class R certificates.

Interest

A will bear interest at a Class Coupon equal to the lesser of:

• LIBOR plus 0.29000%; and

• The Weighted Average Net Mortgage Pass-Through Rate minus the Guarantee Fee Rate(provided that in no event will the Class Coupon of A be less than zero).

X will bear interest at a Class Coupon equal to the interest rate of its Underlying Class, which isequal to the weighted average of the Class X Strip Rates, as described in the Information Circular.The interest payable to X on any Payment Date will be reduced by the amount of any AdditionalInterest Distribution Amounts distributed to the class B certificates on the related Payment Date asdescribed under Description of the Certificates — Distributions — Interest Distributions in theInformation Circular.

Accordingly, the Class Coupons of A and X will vary from month to month. The initial ClassCoupon of A is approximately 0.46300% per annum, based on LIBOR for the first Interest AccrualPeriod of 0.17300%. The initial Class Coupon of X is approximately 0.13709% after giving effect toany payments of Additional Interest Distribution Amounts.

See Payments — Interest in this Supplement and Description of the Underlying MortgageLoans — Certain Terms and Conditions of the Underlying Mortgage Loans — Mortgage InterestRates; Calculations of Interest and Description of the Certificates — Distributions — Calculation ofPass-Through Rates in the Information Circular.

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Interest Only (Notional) Class

X does not receive principal payments. To calculate interest payments, X has a notional amountequal to the sum of the then-current principal balance of Underlying Class A and the then-currentprincipal balance of the class B certificates.

Principal

On each Payment Date, we pay principal on A in an amount equal to the principal, if any, requiredto be paid on that Payment Date on Underlying Class A.

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

Any Static Prepayment Premium collected in respect of any of the Mortgages will bedistributed as additional interest on Underlying Class X, as described under Description of theCertificates — Distributions — Distributions of Static Prepayment Premiums in the InformationCircular. Any such additional interest on Underlying Class X will be passed through to X.

Our guarantee does not cover the payment of any Static Prepayment Premiums or any otherprepayment premiums related to the Mortgages.

Holders representing a majority interest in X will have the right, in their sole discretion, to directthe Underlying Master Servicer or the Underlying Special Servicer, as applicable, to waive anyobligation of the related borrower to pay a Static Prepayment Premium in connection with anyprepayment of a Mortgage. Freddie Mac is expected to be the initial holder of X. We may be morelikely to direct a waiver of a Static Prepayment Premium for a Mortgage in certain circumstances, suchas if the prepayment will be made in connection with a refinancing of such Mortgage that meets certainconditions. See Description of the Underlying Mortgage Loans — Certain Terms and Conditions of theUnderlying Mortgage Loans — Prepayment Provisions in the Information Circular.

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. Underlying Class A represents ownership in aREMIC “regular interest”. Underlying Class X represents ownership in a REMIC “regular interest”and the obligation to pay Additional Interest Distribution Amounts.

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 Class A and the weighted average lives and pre-tax yields for Underlying Class X, in eachcase, based on the assumptions described in the Information Circular. The weighted average lives,declining principal balances and pre-tax yields, as applicable, for each Class of SPCs would be the

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same as those shown in the Information Circular for its corresponding Underlying Class, based onthese assumptions. However, these assumptions are likely to differ from actual experience in manycases.

See Yield and Maturity Considerations — Weighted Average Life of the Offered PrincipalBalance Certificates — Yield Sensitivity of the Class X Certificates and Exhibits D and E in theInformation Circular.

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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 Pass-Through Trust Agreement andcurrent information concerning the SPCs, as well as the disclosure documents and current informationfor 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

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

Wells Fargo Securities, LLCCustomer ServiceMAC N9303-054

608 2nd Avenue South, Suite 500Minneapolis, Minnesota 55479

US Callers: (800) 645-3751, option 5International Callers: (612) 667-0900, option 5

[email protected]

Credit Suisse Securities (USA) LLCProspectus Department11 Madison Avenue

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

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

Pass-Through Trust Agreement

We will form a trust fund to hold the Underlying Classes and to issue the SPCs, each pursuant tothe Pass-Through Certificates Master Trust Agreement dated August 1, 2014 and a Terms Supplementdated the Closing Date (together, the “Pass-Through Trust Agreement”). We will act as Trustee andAdministrator under the Pass-Through Trust Agreement.

You should refer to the Pass-Through Trust Agreement for a complete description of your rightsand obligations and those of Freddie Mac. You will acquire your SPCs subject to the terms andconditions of the 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 will be issued, and may be held and transferred, in minimum original principal amounts of$1,000 and additional increments of $1. X will be issued, and may be held and transferred, in minimumoriginal notional principal amounts of $100,000 and additional increments of $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.

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In addition to the Underlying Classes, the Underlying Trust is issuing two other classes, which aresubordinate to Underlying Classes A and X to the extent described in the Information Circular. Theseadditional classes will not be assets underlying the Classes of SPCs offered hereby. The pooling andservicing agreement for the Underlying Trust (the “Pooling Agreement”) governs the UnderlyingClasses 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 willacquire the Underlying Classes from the Underlying Depositor. We will hold the Underlying Classes incertificated form on behalf of investors in the SPCs.

See Appendix A — Transaction Summary in this Supplement and Description of Pass-ThroughCertificates — Structured Pass-Through Certificates in the Offering Circular.

Credit Enhancement Features of the Underlying Trust

Underlying Classes A and X will have a payment priority over the class B certificates issued bythe Underlying Trust to the extent described in the Information Circular. Subordination is designed toprovide the holders of those Underlying Classes with protection against most losses realized when theremaining unpaid amount on a Mortgage exceeds the amount of net proceeds recovered upon theliquidation of that Mortgage. In general, this is accomplished by allocating the Realized Losses amongsubordinated certificates as described in the Information Circular. See Description of theCertificates — Distributions — Subordination in the Information Circular.

Upon the occurrence and continuation of a Waterfall Trigger Event, Underlying Class A willreceive all of the principal payments on the Mortgages until it is retired. Underlying Class A will alsoalways receive the principal payments on certain Specially Serviced Mortgage Loans until it isretired. Thereafter, the class B certificates will be entitled to such principal payments. Because oflosses on the Mortgages and/or default-related or other unanticipated expenses of the Underlying Trust,the total principal balance of the class B certificates could be reduced to zero at a time whenUnderlying Class A remains outstanding. See Description of the Certificates — Distributions —Principal Distributions and — Priority of Distributions in the Information Circular.

The Underlying Classes Will Not Be Rated

None of the Underlying Classes will be rated by an NRSRO (unless an NRSRO issues anunsolicited rating). See Risk Factors — Risks Related to the Offered Certificates — The CertificatesWill Not Be Rated in the Information Circular.

The Mortgages

The Mortgages consist of 17 LIBOR-based floating-rate mortgage loans, secured by17 multifamily properties, including two assisted living, memory care and/or independent livingfacility properties. The Mortgages have an initial mortgage pool balance of approximately$816,096,000 as of March 1, 2015. All of the Mortgages are Balloon Loans.

All of the Mortgages provide for an interest only period of 60 months following origination,followed by amortization for the balance of the loan term. All of the Mortgages have borrowers that areaffiliated with each other and are indirectly controlled by either Kayne Anderson Real Estate AdvisorsII, LLC or Kayne Anderson Real Estate Advisors III, LLC. Three of the Mortgages (the “Crossed

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Mortgage Group”) are cross-defaulted with each other and are cross-collateralized by eachmultifamily property securing each such Mortgage. See Description of the Underlying MortgageLoans — Certain Terms and Conditions of the Underlying Mortgage Loans — Additional AmortizationConsiderations and Description of the Underlying Mortgage Loans — Cross-Collateralized MortgageLoans and Mortgage Loans with Affiliated Borrowers in the Information Circular.

All of the Mortgages have prepayment consideration periods during which voluntary principalprepayments must be accompanied by a Static Prepayment Premium and the loan documents set out aperiod of time during which each related borrower may prepay its entire Mortgage without payment ofa Static Prepayment Premium, provided that such Mortgage is prepaid using the proceeds of certaintypes of Freddie Mac mortgage loans that are the subject of a binding purchase commitment betweenFreddie Mac and a Freddie Mac-approved “Program Plus” seller/servicer. See Description of theUnderlying Mortgage Loans — Certain Terms and Conditions of the Underlying Mortgage Loans —Prepayment Provisions in the Information Circular.

Appendix A — Transaction Summary in this Supplement and Description of the UnderlyingMortgage Loans and Exhibits A-1, A-2 and A-3 in the Information Circular further describe theMortgages.

PAYMENTS

Payment Dates; Record Dates

We make payments of principal and interest on the SPCs on each Payment Date, beginning inApril 2015. A “Payment Date” is the 25th of each month or, if the 25th is not a Business Day, thenext Business Day.

On each Payment Date, DTC credits payments to the DTC Participants that were owners of recordon the Record Date.

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 the SPCs. The SPCs bear interest as described underTerms Sheet — Interest in this Supplement. For more specific information on interest distributions tothe Underlying Classes, see Description of the Certificates — Distributions —Interest Distributions inthe Information Circular.

Accrual Period

The “Accrual Period” for each Payment Date is the period beginning on and including the 25thday of the month preceding the month in which such Payment Date occurs (or beginning on andincluding the Closing Date, in the case of the first Payment Date) and ending on and including the 24thday of the month in which such Payment Date occurs.

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We calculate interest based on an Actual/360 Basis.

Principal

We pay principal on each Payment Date on A to the extent principal is payable on UnderlyingClass A. Investors receive principal payments on a pro rata basis among the SPCs of their Class.

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

Static Prepayment Premiums

Any Static Prepayment Premium collected in respect of any of the Mortgages will be distributedas additional interest to Underlying Class X, as described under Description of the Certificates —Distributions — Distributions of Static Prepayment Premiums in the Information Circular. Any suchadditional interest on Underlying Class X will be passed through to X.

Our guarantee does not cover the payment of any Static Prepayment Premiums or any otherprepayment premiums related to the Mortgages.

Holders representing a majority interest in X will have the right, in their sole discretion, to directthe Underlying Master Servicer or the Underlying Special Servicer, as applicable, to waive anyobligation of the related borrower to pay a Static Prepayment Premium in connection with anyprepayment of a Mortgage. Freddie Mac is expected to be the initial holder of X. We may be morelikely to direct a waiver of a Static Prepayment Premium for a Mortgage in certain circumstances, suchas if the prepayment will be made in connection with a refinancing of such Mortgage that meets certainconditions. See Description of the Underlying Mortgage Loans — Certain Terms and Conditions of theUnderlying Mortgage Loans — Prepayment Provisions in the Information Circular.

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.

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, on or before the Payment Date immediately following thematurity date of each Balloon Loan (to the extent of principal on A that would have been payable fromsuch Balloon Loan); (c) the reimbursement of any Realized Losses and any Additional Issuing EntityExpenses allocated to each Class of SPCs; and (d) the ultimate payment of principal on A by its Final

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Payment Date. Our guarantee does not cover any loss of yield on X due to payment of AdditionalInterest Distribution Amounts to the class B certificates or Outstanding Guarantor ReimbursementAmounts to us or due to a reduction of X’s notional amount due to a reduction of the principal balanceof A or of the class B certificates, nor does it cover the payment of Static Prepayment Premiums or anyother prepayment premiums related to the Mortgages or the payment of Additional InterestDistribution Amounts to the class B certificates. See Description of Pass-Through Certificates —Guarantees in the Offering Circular and Description of the Certificates — Distributions — FreddieMac Guarantee in the Information Circular.

Optional Termination; Redemption

The holders of a majority interest (by initial principal balance) of the Controlling Class for theUnderlying Trust (excluding Freddie Mac (as defined in the Information Circular)), the UnderlyingSpecial Servicer and the Underlying Master Servicer each will have the option, in a prescribed order, topurchase the Mortgages and other trust property and terminate the Underlying Trust on any PaymentDate on which the total Stated Principal Balance of the Mortgages is less than 1% of the initialmortgage pool balance. In addition, with the satisfaction of the conditions set forth in the proviso to thedefinition of “Sole Certificateholder” in the Information Circular and with the consent of theUnderlying Master Servicer, the Sole Certificateholder for the Underlying Trust (excluding FreddieMac (as defined in the Information Circular)) will have the right to exchange all of its certificatesissued by the Underlying Trust (other than the class R certificates) for all of the Mortgages and eachREO Property remaining in the Underlying Trust, resulting in the liquidation of the Underlying Trust.See The Pooling and Servicing Agreement — Termination in the Information Circular.

If a termination of the Underlying Trust occurs, A will receive its unpaid principal balance, if any,plus interest for the related Accrual Period. We will give notice of termination to Holders not later thanthe fifth Business Day of the month in which the termination will occur, and each Class Factor wepublish in that month will equal zero.

In addition, we will have the right to redeem the outstanding SPCs on any Payment Date when theremaining principal balance of A would be less than 1% of its original principal balance. We will givenotice of any exercise of this right to Holders 30 to 60 days before the redemption date. We will pay aredemption price equal to the unpaid principal balance, if any, of each Class redeemed plus interest forthe related Accrual Period.

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 a prepayment lockout period, during which voluntaryprincipal prepayments are prohibited, followed by a prepayment consideration period during whichvoluntary principal prepayments must be accompanied by a Static Prepayment Premium, followed byan open prepayment period prior to maturity during which voluntary principal prepayments may bemade without any restriction or payment of any prepayment consideration.

In addition, the loan documents set out a period of time during which each related borrower mayprepay its entire Mortgage without payment of a Static Prepayment Premium, provided that such

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Mortgage is prepaid using the proceeds of certain types of Freddie Mac mortgage loans that are thesubject of a binding purchase commitment between Freddie Mac and a Freddie Mac-approved“Program Plus” seller/servicer. See Description of the Underlying Mortgage Loans — Certain Termsand Conditions of the Underlying Mortgage Loans — Prepayment Provisions in the InformationCircular. 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.

• The level of LIBOR.

• The extent to which the Class Coupon formula of your Class of SPCs results in reductionsor increases in its Class Coupon.

• Whether a Waterfall Trigger Event, or any other event that results in principal beingdistributed sequentially, occurs and is continuing.

• Whether Additional Interest Distribution Amounts are distributed to the class B certificatesfrom amounts otherwise payable to Underlying Class X.

• Collection and payment, or waiver of, Static Prepayment Premiums.

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 andassume, among other things, no prepayments or defaults on the Mortgages. The actual retirement ofeach Class may occur earlier than its Final Payment Date.

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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.

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.

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

• Underlying Class X (exclusive of its obligation to pay Additional Interest DistributionAmounts) will represent ownership of a “regular interest” in one of those REMICs.

Accordingly, an investor in A will be treated as owning a regular interest in a REMIC. Aninvestor in X will be treated as owning a regular interest in a REMIC and will be treated as having anobligation to pay Additional Interest Distribution Amounts.

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.

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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.

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.

S-14

Appendix A

Transaction Summary

–

The information contained in this Transaction Summary (the “Information”) has been provided to you for informational purposes

prospective purchasers review in full all of the offering documents relating to the SPCs (“Offering Documents”) discussed in

S-A-1

X Certificates (the “Offered SPCs”) will be part of a series of mortgage passhrough Certificates (“SPCs”), Series

Certificates (the “Information Circular”)) “SPC Trust”) to issue the SPCs.Each pool will consist of the related class of underlying certificates (the “Underlying Guaranteed

Certificates”). (the “REMIC Trust”) which will

––“Underlying Unguaranteed Certificates” he “Underlying Certificates”) as further described in

––

–

(“Depositor”)

Class X’s final payment date is calculated as the distribution date occurring in the month and year of the last anticipated le determined as described under “ —

— ” in the

S-A-2

–

–

For each distribution date, LIBOR will be determined as described under “ —— ” in the Information Circular. The pass

S-A-3

Certificates (together, the “Principal Balance Certificates”) will each have a—

the relative sizes of their respective components). The “Class X Strip Rates” are, for the purposes of

distributed as described under “ ” and

The “ ” with respect to any distribution date

bed in “ — —” in the Information Circular.

The “Additional Interest Distribution Amount” with respect to any distribution date

“Additional Interest Shortfall Amount”

S-A-4

“Class X Interest Accrual Amount” means, for each distribution date, an amount equal to interest

A “Waterfall Trigger Event” with respect to any distribution date, means when:

See “– ” in the Information Circular.

The “Class X Interest Distribution Amount” means, for each distribution date, the sum of (a) the excess, if

S-A-5

–

“Performing istribution Amount” means, with respect to any distribution date, the excess

“Specially Serviced Loan Principal Distribution Amount”

“Excluded Specially Serviced Mortgage Loan” means

the fifth or sixth bullet of the definition of “Servicing Transfer Event” in the Glossary of the

S-A-6

approved “ ” seller/servicer. See “— —

” in the Information Circular.

Underlying Guaranteed Certificates (the “Freddie Mac Guarantee”), as more fully described in the

Class X’s

States of America (the “United States”)

to zero, and then to the Class A Certificates, provided that, as described under “Freddie Mac Guarantee”

S-A-7

––

––

–

S-A-8

(2)

S-A-9

–

See “ –,” “ ” and Exhibits A

, and is otherwise calculated as described under “ — —” in the Information Circular.

””

S-A-10

1 to the information circular as “Next”, “Fuse” and “Park n Morton”, which are cross

S-A-11

S-A-12

S-A-13

S-A-14

“ ”) operating as a student multifamily hous

S-A-15

S-A-16

S-A-17

S-A-18

S-A-19

S-A-20

2.9% - 4.9%

5.0% - 9.9%

10.0% - 18.7%

Percentage ofInitial Mortgage Pool Balance

Texas3 properties$108,664,00013.3% of total

Alabama1 property$71,200,0008.7% of total

Arizona2 properties$72,490,0008.9% of total

Colorado1 property$46,500,0005.7% of total

Florida3 properties$152,312,00018.7% of total

North Carolina1 property$48,375,0005.9% of total

Georgia1 property$55,800,0006.8% of total

Illinois1 property$71,500,0008.8% of total

Indiana2 properties$74,130,0009.1% of total

Minnesota1 property$23,625,0002.9% of total

Oregon1 property$91,500,00011.2% of total

Multifamily Mortgage Pass-Through Certificates Series 2015-KKAFREMF 2015-KKA Mortgage Trust

provided

provided

per annum

provided

provided

per annum

per annum

per annum

firstsecond

provided however

second

third,fourth,

per annum

provided that

per annum

per annum

per annumper annum

per annum

per annum

provided however

(Originators)

(Depositor)

(Mortgage Loan Seller andGuarantor of the offered

certificates)

(Issuing Entity)

(Master Servicer)

(Sub-Servicers)

(Special Servicer)

(Trustee, Certificate Administratorand Custodian)

prorata

pro rata

provided

pro rata

provided

pro rata

per annum

The Underlying Mortgage Loans Are Nonrecourse

Repayment of Each of the Underlying Mortgage Loans Will Be Dependent on the Cash Flow Produced bythe Related Mortgaged Real Property, Which Can Be Volatile and Insufficient To Allow Timely Distributions onthe Offered Certificates, and on the Value of the Related Mortgaged Real Property, Which May Fluctuate OverTime.

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-FamilyResidential Lending.

Condominium Ownership May Limit Use of the Mortgaged Real Property and Decision Making Related tothe Mortgaged Real Property

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

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

The Successful Operation of a Multifamily Property Depends on Tenants

Underlying Mortgage Loans That Are Subject to Ground Leases Can Pose Unique Risks

Healthcare-related 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)

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 inPart 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 TheseProvisions May Otherwise Be Limited

Mortgage Loans to Related Borrowers 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 RelatedMortgaged Real Property or May Interfere with the Issuing Entity’s Rights Under the Related UnderlyingMortgage 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 theOffered Certificates

Subordinate Financing Increases the Likelihood That a Borrower Will Default on an Underlying MortgageLoan

The Type of Borrower May Entail Risk.

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 UnderlyingMortgage Loan

Lending on Income-Producing Real Properties Entails Environmental Risks

Risks Relating to Floating Rate Mortgage Loans.

Moody’s S&P Fitch

Ongoing Investigations Concerning LIBOR Could Adversely Affect Your Investment in the OfferedCertificates.

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

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

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 Conflictof Interest Could Arise Between Their Duties and Their Interests in the Certificates or SPCs.

Potential Conflicts of Interest of Kayne Anderson

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 MortgageLoans in Accordance with Freddie Mac Servicing Practices, Which May Limit the Ability of the Master Servicerand the Special Servicer To Make Certain Servicing Decisions.

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

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 PropertiesSecuring the Underlying Mortgage Loans and Consequently Could Reduce the Cash Flow Available To MakePayments 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 MayAdversely Affect Payments on the Certificates

The Absence or Inadequacy of Earthquake, Flood and Other Insurance May Adversely Affect Payments onthe 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 aDefective Mortgage Loan

The Mortgage Loan Seller May Become Subject to Receivership Laws That May Affect the Issuing Entity’sOwnership 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 Yield to Maturity

pro rata

The Underlying Mortgage Loans May Experience a Higher Than Expected Rate of Prepayment Due to theRight of a Majority of Holders of Class X Certificates To Cause the Waiver of Static Prepayment Premiums andDue to Limited Prepayment Protection.

Optional Early Termination of the Issuing Entity May Result in an Adverse Impact on Your Yield or MayResult 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 AdditionalLosses to the Issuing Entity.

Insolvency Proceedings with respect to the Master Servicer, the Special Servicer, the Trustee or theCertificate Administrator May Adversely Affect Collections on the Underlying Mortgage Loans and the Ability toReplace 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 Life 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 theOffered Certificateholders.

You May Be Bound by the Actions of Other Certificateholders

Terrorist Attacks and United States Military Action Could Adversely Affect the Value of the Revenues of theMortgaged Real Properties.

The Volatile Economy and Credit Crisis May Increase Loan Defaults and Affect the Value and Liquidity ofYour Investment

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

The Prospective Performance of the Mortgage Loans Included in the Issuing Entity Should Be EvaluatedSeparately 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 theCertificates and the Underlying Mortgage Loans.

The Certificates Will Not Be Rated

The Conservator May Repudiate Freddie Mac’s Contracts, Including Its Guarantee and Other ObligationsRelated 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 CouldAdversely Affect the Freddie Mac Guarantee.

General

The Guide.

Mortgage Loan Purchase Standards

Eligible Sellers, Servicers and Warranties

Mortgage Loan Servicing Policies and Procedures

Due Dates

Mortgage Interest Rates; Calculations of Interest

Moody’s S&P Fitch

Term to Maturity

Balloon Loans

Additional Amortization Considerations

Prepayment Provisions

Escrow and Reserve Accounts

Release of Property Through Prepayment.

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

Permitted Additional Debt.

Cross-Collateralization and Cross-Default of Certain Underlying Mortgage Loans

Hazard, Liability and Other Insurance.

provided

provided

provided

Permitted Additional Debt

Master Lease

Borrower Structures.

Delinquencies

Title, Survey and Similar Issues

General

Environmental Assessments

Property Condition Assessments

Appraisals and Market Studies

Zoning and Building Code Compliance

KeyBank National Association

PNC Bank, National Association

provided

pro forma

provided

pro forma

provided

Certain Legal Aspects of Mortgaged Real Properties Located in Florida

Certain Legal Aspects of Mortgaged Real Properties Located in Texas

Certain Legal Aspects of Mortgaged Real Properties Located in Oregon

General

Deposits

Withdrawals

provided however

General

Interest Distributions

Calculation of Pass-Through Ratesper annum

provided

provided

per annum

per annum

per annum

Principal Distributions

pro rata

provided

Loss Reimbursement Amounts.

Freddie Mac Guarantee

per annum

Priority of Distributions

pro rataprovided

pari passu

provided

firstpro rata

second,

firstpro rata

second,

first

secondprovided however

second

third

fourth

Subordination.

––

pro rata

Distributions of Static Prepayment Premiums

first

thereafter

provided

provided

Certificate Administrator Reports

Information Available Electronically

provided however

Other Information

Reports to Freddie Mac

Deal Information/Analytics

General

Freddie Mac Guarantee

Pass-Through Rates

Rate and Timing of Principal Payments

Delinquencies and Defaults on the Underlying Mortgage Loans

Relevant Factors

Additional Interest Accrual Amounts.

provided

provided

pro rata

provided

,

provided

,

provided

Resignation of the Master Servicer or the Special Servicer

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

Transfer of Servicing Duties

General

The Servicing Fee

per annum

per annum per annum

Prepayment Interest Shortfalls

provided

Principal Special Servicing Compensation

per annum

per annum

provided

Additional Servicing Compensation

Servicing Advances

provided

per annum

first

then

provided

provided

provided

provided

provided

General

Deposits

Withdrawals

provided

provided

Purchase Option

Foreclosure and Similar Proceedings

REO Properties

REO Account

Liquidation Proceeds

Specially Serviced Mortgage Loans

Directing Certificateholder

Asset Status Report

provided

provided however

provided however

provided however

provided however

provided

provided further

per annum

per annum

de minimis

de minimis

provided

provided

pro rata

General

Original Issue Discount

provided

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

Generali.e.

provided

provided

per annum

provided however

per annum

per annum

perannum

provided

per annum

provided, however,

per annum

per annum

provided however

per annum

per annum

provided, however

per annumprovided that

pro forma

provided

The Wall Street Journal

per annum

,,

provided

provided

provided

provided however

provided however

provided

1 (11) 1 Next KeyBank National Association 1031 North Park Avenue Tucson AZ 85719 Pima Multifamily2 (11),(12) 1 Fuse KeyBank National Association 720 Northwestern Avenue West Lafayette IN 47906 Tippecanoe Multifamily3 (11) 1 Park On Morton PNC Bank, National Association 710 North Morton Street Bloomington IN 47404 Monroe Multifamily4 (13) 1 13th & Olive Wells Fargo Bank, National Association 1180 Williamette Street Eugene OR 97401 Lane Multifamily5 1 The Catalyst ACRE Capital LLC 123 North Desplaines Street Chicago IL 60661 Cook Multifamily6 1 Lofts At City Center KeyBank National Association 1345 10th Avenue East Tuscaloosa AL 35404 Tuscaloosa Multifamily7 1 Aston Gardens At Tampa Bay KeyBank National Association 12951 West Linebaugh Avenue Tampa FL 33626 Hillsborough Multifamily8 1 Aston Gardens At Pelican Pointe KeyBank National Association 1000 Aston Gardens Drive Venice FL 34292 Sarasota Multifamily9 (14),(15) 1 One 12 Courtland PNC Bank, National Association 112 Courtland Street Northeast Atlanta GA 30303 Fulton Multifamily10 1 The Cottages Of Boone PNC Bank, National Association 615 Fallview Lane Boone NC 28607 Watauga Multifamily11 1 Cottages Of San Marcos KeyBank National Association 1415 Craddock Avenue San Marcos TX 78666 Hays Multifamily12 1 The District At Campus West PNC Bank, National Association 1308 West Plum Street Fort Collins CO 80521 Larimer Multifamily13 1 The View On 10th Wells Fargo Bank, National Association 1001 Speight Avenue Waco TX 76706 McLennan Multifamily14 (16) 1 The Cadence KeyBank National Association 350 East Congress Street Tucson AZ 85701 Pima Multifamily15 (17) 1 The 700 On Washington KeyBank National Association 301 Walnut Street Minneapolis MN 55414 Hennepin Multifamily16 1 The Aspens At Twin Creeks KeyBank National Association 480 Bray Central Drive Allen TX 75013 Collin Multifamily17 1 Luxe On West Call KeyBank National Association 1600 West Call Street Tallahassee FL 32304 Leon Multifamily

1 (11) 1 Next2 (11),(12) 1 Fuse3 (11) 1 Park On Morton4 (13) 1 13th & Olive5 1 The Catalyst6 1 Lofts At City Center7 1 Aston Gardens At Tampa Bay8 1 Aston Gardens At Pelican Pointe9 (14),(15) 1 One 12 Courtland10 1 The Cottages Of Boone11 1 Cottages Of San Marcos12 1 The District At Campus West13 1 The View On 10th14 (16) 1 The Cadence15 (17) 1 The 700 On Washington16 1 The Aspens At Twin Creeks17 1 Luxe On West Call

Student 2014 N/A 389 85,467 Beds 92.3% 10/30/2014 Refinance SPE Group 1Student 2014 N/A 489 85,467 Beds 79.8% 10/30/2014 Refinance SPE Group 1Student 2013 N/A 472 85,467 Beds 97.0% 10/7/2014 Refinance SPE Group 1Student 2013 N/A 1,308 69,954 Beds 87.0% 12/31/2014 Refinance SPE N/A

High Rise 2014 N/A 223 320,628 Units 74.4% 12/22/2014 Refinance SPE N/AStudent 2013 N/A 1,225 58,122 Beds 94.4% 10/22/2014 Refinance SPE N/A

Independent Living 2001 N/A 327 212,018 Units 95.4% 12/31/2014 Refinance SPE N/AIndependent Living 2003 N/A 341 188,930 Units 97.9% 12/31/2014 Refinance SPE N/A

Student 2013 N/A 717 77,824 Beds 87.0% 10/14/2014 Refinance SPE N/AStudent 2013 N/A 894 54,111 Beds 91.6% 10/28/2014 Refinance SPE N/AStudent 2014 N/A 899 52,755 Beds 92.3% 10/22/2014 Refinance SPE N/AStudent 2014 N/A 659 70,561 Beds 100.0% 11/18/2014 Acquisition SPE N/AStudent 2014 N/A 718 54,578 Beds 98.2% 11/6/2014 Refinance SPE N/AStudent 2013 N/A 456 68,509 Beds 99.3% 10/22/2014 Refinance SPE N/AStudent 2014 N/A 157 150,478 Beds 98.1% 10/1/2014 Refinance SPE N/A

Age Restricted 2011 N/A 180 122,500 Units 94.4% 11/7/2014 Acquisition SPE N/AStudent 2013 N/A 390 47,582 Beds 82.6% 10/11/2014 Refinance SPE N/A


Group 1 1 10 12/4/2014 2/1/2015 1/1/2025 41,250,000 41,250,000 5.1% 36,229,621 1Group 1 1 10 12/4/2014 2/1/2015 1/1/2025 40,720,000 40,720,000 5.0% 35,764,126 1Group 1 1 10 12/4/2014 2/1/2015 1/1/2025 33,410,000 33,410,000 4.1% 29,343,797 1Group 1 1 10 12/18/2014 2/1/2015 1/1/2025 91,500,000 91,500,000 11.2% 80,363,887 1Group 1 1 10 12/31/2014 2/1/2015 7/1/2025 71,500,000 71,500,000 8.8% 61,708,420 1Group 1 1 10 11/25/2014 1/1/2015 12/1/2024 71,200,000 71,200,000 8.7% 62,521,644 1Group 1 1 10 12/1/2014 1/1/2015 12/1/2024 69,330,000 69,330,000 8.5% 61,250,995 1Group 1 1 10 12/1/2014 1/1/2015 12/1/2024 64,425,000 64,425,000 7.9% 56,917,573 1Group 1 1 10 11/25/2014 1/1/2015 12/1/2024 55,800,000 55,800,000 6.8% 49,008,796 1Group 1 1 15 11/25/2014 1/1/2015 12/1/2024 48,375,000 48,375,000 5.9% 42,487,464 1Group 1 1 10 11/26/2014 1/1/2015 12/1/2024 47,427,000 47,427,000 5.8% 41,654,842 1Group 1 1 10 1/7/2015 3/1/2015 2/1/2025 46,500,000 46,500,000 5.7% 40,840,665 1Group 1 1 10 11/25/2014 1/1/2015 12/1/2024 39,187,000 39,187,000 4.8% 34,417,700 1Group 1 1 10 12/9/2014 2/1/2015 1/1/2025 31,240,000 31,240,000 3.8% 27,443,545 1Group 1 1 10 11/25/2014 1/1/2015 12/1/2024 23,625,000 23,625,000 2.9% 20,753,961 1Group 1 1 10 12/30/2014 2/1/2015 1/1/2025 22,050,000 22,050,000 2.7% 19,334,379 1Group 1 1 10 11/25/2014 1/1/2015 12/1/2024 18,557,000 18,557,000 2.3% 16,305,202 1


4/1/2015 1-MO LIBOR 2.0700% 2.2700% 0.1412% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.0700% 2.2700% 0.1412% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.0700% 2.2700% 0.1412% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.0700% 2.2700% 0.1412% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 1.9600% 2.1600% 0.1312% 1.8288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.0600% 2.2600% 0.1312% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.3600% 2.5600% 0.1212% 2.2388% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.3600% 2.5600% 0.1212% 2.2388% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.0700% 2.2700% 0.1412% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.0700% 2.2700% 0.1412% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.0700% 2.2700% 0.1412% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.0700% 2.2700% 0.1412% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.0700% 2.2700% 0.1412% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.0800% 2.2800% 0.1512% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.0800% 2.2800% 0.1512% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 1.9900% 2.1900% 0.1612% 1.8288% Truncated to 5th decimal First/Last (Arrears) N/A N/A4/1/2015 1-MO LIBOR 2.0900% 2.2900% 0.1612% 1.9288% Truncated to 5th decimal First/Last (Arrears) N/A N/A


Yes 12/5/2017 3.5000% (Year 1 & 2); 3.2500% (Year 3) Actual/360 Partial IO 158,097.63 79,115.02 80,632.29Yes 12/5/2017 3.5000% (Year 1 & 2); 3.2500% (Year 3) Actual/360 Partial IO 156,066.32 78,098.51 79,596.29Yes 12/5/2017 3.5000% (Year 1 & 2); 3.2500% (Year 3) Actual/360 Partial IO 128,049.50 64,078.37 65,307.27Yes 12/19/2017 3.5000% (Year 1 & 2); 3.2500% (Year 3) Actual/360 Partial IO 350,689.29 175,491.49 178,857.08Yes 1/2/2018 3.5000% (Year 1 & 2); 3.2500% (Year 3) Actual/360 Partial IO 270,035.33 130,487.50 132,990.00Yes 12/1/2017 3.5000% (Year 1 & 2); 3.2500% (Year 3) Actual/360 Partial IO 272,522.52 135,955.74 138,563.11Yes 12/1/2017 3.3400% Actual/360 Partial IO 276,104.98 149,958.22 152,834.13Yes 12/1/2017 3.3400% Actual/360 Partial IO 256,570.94 139,348.89 142,021.33Yes 12/1/2017 3.5000% (Year 1 & 2); 3.2500% (Year 3) Actual/360 Partial IO 213,862.98 107,021.04 109,073.50Yes 12/1/2017 3.5000% (Year 1 & 2); 3.2500% (Year 3) Actual/360 Partial IO 185,405.41 92,780.34 94,559.69Yes 12/1/2017 3.5000% (Year 1 & 2); 3.2500% (Year 3) Actual/360 Partial IO 181,772.03 90,962.13 92,706.61Yes 1/8/2018 3.9300% Actual/360 Partial IO 178,219.15 89,184.20 90,894.58Yes 12/1/2017 3.5000% (Year 1 & 2); 3.2500% (Year 3) Actual/360 Partial IO 150,190.83 75,158.31 76,599.70Yes 12/11/2017 3.5000% (Year 1 & 2); 3.2500% (Year 3) Actual/360 Partial IO 119,892.26 60,180.39 61,334.53Yes 12/1/2017 4.1700% Actual/360 Partial IO 90,667.56 45,510.94 46,383.75Yes 1/2/2018 3.7600% Actual/360 Partial IO 83,612.05 40,800.16 41,582.63Yes 12/1/2017 3.4100% (Year 1 & 2); 3.2500% (Year 3) Actual/360 Partial IO 71,312.60 35,904.79 36,593.37


236,027.83 360 360 120 118 60 2 L(11) 1%(105) O(4) 8/27/2014 62,400,000232,995.23 360 360 120 118 60 2 L(11) 1%(105) O(4) 7/17/2014 66,700,000191,168.23 360 360 120 118 60 2 L(11) 1%(105) O(4) 8/13/2014 44,620,000523,552.63 360 360 120 118 60 2 L(11) 1%(105) O(4) 10/21/2014 120,630,000404,176.55 360 360 126 124 60 2 L(11) 1%(111) O(4) 12/20/2014 114,550,000406,950.15 360 360 120 117 60 3 L(11) 1%(105) O(4) 8/8/2014 105,000,000402,391.62 360 360 120 117 60 3 L(11) 1%(105) O(4) 7/11/2014 92,440,000373,922.98 360 360 120 117 60 3 L(11) 1%(105) O(4) 7/11/2014 85,900,000319,281.28 360 360 120 117 60 3 L(11) 1%(105) O(4) 8/7/2014 78,000,000276,796.27 360 360 120 117 60 3 L(11) 1%(105) O(4) 8/13/2014 64,500,000271,371.92 360 360 120 117 60 3 L(11) 1%(105) O(4) 9/1/2014 64,000,000278,790.99 360 360 120 119 60 1 L(11) 1%(105) O(4) 9/8/2014 63,300,000224,223.57 360 360 120 117 60 3 L(11) 1%(105) O(4) 8/21/2014 52,250,000178,948.49 360 360 120 118 60 2 L(11) 1%(105) O(4) 8/13/2014 47,000,000145,463.19 360 360 120 117 60 3 L(11) 1%(105) O(4) 9/1/2014 31,500,000128,677.81 360 360 120 118 60 2 L(11) 1%(105) O(4) 10/21/2014 29,400,000105,364.60 360 360 120 117 60 3 L(11) 1%(105) O(4) 8/25/2014 30,400,000


66.4% 58.3% 1.57x 3.13x 4,547,563 1,505,495 3,042,067 2,983,717 N/A N/A N/A N/A66.4% 58.3% 1.57x 3.13x 5,833,323 2,839,895 2,993,428 2,909,178 N/A N/A N/A N/A66.4% 58.3% 1.57x 3.13x 4,378,352 1,881,861 2,496,492 2,425,692 8/31/2014 2,246,343 1,783,753 462,59175.9% 66.6% 1.65x 3.30x 9,510,461 2,363,409 7,147,052 6,950,852 N/A N/A N/A N/A62.4% 53.9% 1.55x 3.21x 7,785,308 2,714,874 5,070,434 5,025,834 N/A N/A N/A N/A67.8% 59.5% 1.64x 3.28x 9,159,814 3,623,877 5,535,937 5,352,187 9/30/2014 5,621,496 2,148,359 3,473,13675.0% 66.3% 1.64x 3.01x 13,158,149 7,636,218 5,521,931 5,423,831 9/30/2014 13,304,602 7,342,635 5,961,96775.0% 66.3% 1.60x 2.94x 12,963,725 7,938,482 5,025,243 4,922,943 6/30/2014 13,196,206 7,618,196 5,578,01071.5% 62.8% 1.62x 3.24x 6,753,543 2,490,321 4,263,221 4,155,671 8/31/2014 3,495,239 1,283,027 2,212,21275.0% 65.9% 1.65x 3.31x 5,854,994 2,039,725 3,815,268 3,681,168 9/30/2014 4,691,851 2,112,841 2,579,01074.1% 65.1% 1.62x 3.23x 6,556,817 2,898,252 3,658,565 3,523,715 N/A N/A N/A N/A73.5% 64.5% 1.63x 3.26x 5,278,617 1,694,735 3,583,882 3,485,032 10/31/2014 5,656,384 1,229,600 4,426,78475.0% 65.9% 1.62x 3.24x 5,493,267 2,465,040 3,028,226 2,920,526 N/A N/A N/A N/A66.5% 58.4% 1.63x 3.25x 3,969,495 1,554,178 2,415,317 2,346,917 8/31/2014 3,333,972 1,402,133 1,931,83975.0% 65.9% 1.62x 3.22x 2,756,020 957,739 1,798,282 1,760,827 N/A N/A N/A N/A75.0% 65.8% 1.61x 3.29x 2,913,029 1,265,636 1,647,393 1,611,393 9/30/2014 2,945,347 1,108,208 1,837,13961.0% 53.6% 1.55x 3.08x 3,046,439 1,662,206 1,384,233 1,325,733 9/30/2014 3,374,902 1,675,722 1,699,180


N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AN/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

391,791 N/A N/A N/A N/A N/A N/A N/A N/A N/AN/A N/A N/A N/A N/A N/A N/A N/A N/A N/AN/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

3,473,136 N/A N/A N/A N/A N/A N/A N/A N/A N/A5,961,967 12/31/2013 13,247,502 7,588,638 5,658,864 5,658,864 12/31/2012 12,875,276 7,396,621 5,478,6555,578,010 12/31/2013 13,193,272 7,782,544 5,410,727 5,410,727 12/31/2012 12,968,657 7,359,954 5,608,7032,212,212 N/A N/A N/A N/A N/A N/A N/A N/A N/A2,579,010 N/A N/A N/A N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A4,426,784 N/A N/A N/A N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A1,931,839 N/A N/A N/A N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A1,837,139 12/31/2013 2,882,614 1,059,012 1,823,602 1,823,602 12/31/2012 2,119,406 1,081,411 1,037,9951,699,180 N/A N/A N/A N/A N/A N/A N/A N/A N/A


N/A First Mortgage Fee Simple N/A N/A N/A 15,695 3,139N/A First Mortgage Fee Simple N/A N/A 200,000 93,713 31,238N/A First Mortgage Fee Simple N/A N/A N/A 136,955 34,239N/A First Mortgage Fee Simple N/A N/A N/A 86,743 28,914N/A First Mortgage Fee Simple N/A N/A N/A 112,496 19,229N/A First Mortgage Fee Simple N/A N/A N/A N/A 60,839

5,478,655 First Mortgage Fee Simple N/A N/A N/A 131,075 43,6925,608,703 First Mortgage Fee Simple N/A N/A N/A 160,009 53,336

N/A First Mortgage Fee Simple / Leasehold 12/31/2024 N/A N/A 76,795 13,919N/A First Mortgage Fee Simple N/A N/A N/A 15,656 15,656N/A First Mortgage Fee Simple N/A N/A N/A 139,481 12,680N/A First Mortgage Fee Simple N/A N/A N/A 63,401 6,340N/A First Mortgage Fee Simple N/A N/A N/A N/A 29,731N/A First Mortgage Leasehold 4/10/2022 N/A N/A N/A 1,326N/A First Mortgage Fee Simple N/A N/A N/A 26,205 8,735

1,037,995 First Mortgage Fee Simple N/A N/A N/A N/A 30,775N/A First Mortgage Fee Simple N/A N/A N/A 85,323 42,662


N/A Springing N/A 4,863 N/A N/A N/AN/A Springing N/A 6,113 N/A N/A 690,785N/A Springing N/A 5,900 N/A N/A N/AN/A Springing N/A 16,350 N/A N/A 1,633,664N/A Springing N/A 3,717 N/A N/A N/AN/A Springing N/A 15,313 N/A N/A N/AN/A Springing N/A 8,175 N/A N/A N/AN/A Springing N/A 8,525 N/A N/A N/AN/A Springing N/A 8,962 N/A N/A 152,280N/A Springing N/A 11,175 N/A N/A N/AN/A Springing N/A 11,238 N/A N/A N/AN/A Springing N/A 8,238 N/A N/A N/AN/A Springing N/A 8,975 N/A N/A N/AN/A Springing N/A 5,700 N/A N/A N/AN/A Springing N/A 1,962 N/A N/A 13,905N/A Springing N/A 3,000 N/A N/A N/AN/A Springing N/A 4,875 N/A N/A N/A


286 Interest Rate Cap Replacement399 Rental Achievement Reserve (Initial); Interest Rate Cap Replacement (Monthly)536 Interest Rate Cap Replacement503 Tax Abatement Reserve (Initial); Interest Rate Cap Replacement (Monthly)

6,500 Interest Rate Cap Replacement433 Interest Rate Cap Replacement843 Interest Rate Cap Replacement783 Interest Rate Cap Replacement607 Non Residential Lease Reserve (Initial); Interest Rate Cap Replacement (Monthly)500 Interest Rate Cap Replacement252 Interest Rate Cap Replacement660 Interest Rate Cap Replacement247 Interest Rate Cap Replacement190 Interest Rate Cap Replacement

144 (Monthly Rate Cap Reserve); 13,905 (Annual Non Residential Lease Reserve) Non Residential Lease Reserve (Initial & Annually); Interest Rate Cap Replacement (Monthly)303 Interest Rate Cap Replacement234 Interest Rate Cap Replacement


Insurance Reserve N/A No 980 No N/AInsurance Reserve N/A No 897 No N/AInsurance Reserve N/A No 756 No N/AInsurance Reserve N/A No 686 No N/AInsurance Reserve N/A No 2,557 No N/AInsurance Reserve N/A No 611 No N/AInsurance Reserve N/A No 3,172 No N/AInsurance Reserve N/A No 2,886 No N/AInsurance Reserve N/A No 868 No N/AInsurance Reserve N/A No 594 No N/AInsurance Reserve N/A No 617 No N/AInsurance Reserve N/A No 645 No N/AInsurance Reserve N/A No 651 No N/AInsurance Reserve N/A No 745 No N/AInsurance Reserve N/A No 773 No N/AInsurance Reserve N/A No 1,381 No N/AInsurance Reserve N/A No 698 No N/A


N/A YesN/A YesN/A YesN/A YesN/A YesN/A YesN/A YesN/A YesN/A YesN/A YesN/A YesN/A YesN/A YesN/A YesN/A YesN/A YesN/A Yes


(i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.10x (iii) Effective Gross Income not less than $4,683,990 (iv) Net Operating Income not less than $3,073,229(i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.10x (iii) Effective Gross Income not less than $6,008,323 (iv) Net Operating Income not less than $2,996,453

(i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.10x(i) Max combined LTV of 80.0% (ii) Min combined DSCR of 1.10x(i) Max combined LTV of 65.0% (ii) Min combined DSCR of 1.10x(i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.10x(i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.15x(i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.15x(i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.10x(i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.10x(i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.10x(i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.10x(i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.10x(i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.10x(i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.10x(i) Max combined LTV of 75.0% (ii) Min combined DSCR of 1.10x(i) Max combined LTV of 70.0% (ii) Min combined DSCR of 1.10x

(1) 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 " " in this Information Circular.

(2) The Administration Fee Rate includes the master servicing fee rate, sub-servicing fee rate, surveillance fee rate, trustee fee rate and the certificate administrator fee rate applicable to each underlying mortgage loan.

(3) All underlying mortgage loans accrue interest from the first day to the last day of the respective month prior to any scheduled payment date. For each interest accrual period,LIBOR is determined on the first day preceding the beginning of such interest accrual period for which LIBOR has been released by the IBA.

(4) The LIBOR Cap Strike Price is the strike rate for the third party LIBOR cap agreement that the respective borrower has pledged as collateral for the underlying mortgage loan.The third party LIBOR cap agreement requires the cap counterparty to make payments to the trust upon the occurrence of an increase in LIBOR over the LIBOR Cap StrikePrice.

(5) Monthly Debt Service Amount (Amortizing) shown for underlying mortgage loans with partial interest-only periods reflects such amount payable after expiration of the interest-only period and is calculated based on the Cut-Off Date Loan Amount, the Amortization Term (Remaining) and an assumed LIBOR of 0.20%.

Monthly Debt Service Amount (IO) is calculated based on the Original Loan Amount, Accrual Basis divided by 12 months and an assumed LIBOR of 0.20%.

Projected First Monthly Payment to Trust for loans which require interest-only payments as of the Cut-Off Date is calculated based on the Original Loan Amount, Accrual Basisdivided by 12 months and an assumed LIBOR of 0.20%.

Monthly Debt Service Amount (at Cap) is calculated based on the Cut-Off Date Loan Amount, the Amortization Term (Remaining) and the LIBOR Cap Strike Price plus theMargin. With respect to Mortgage Loans with decreasing LIBOR Cap Strike Prices over the term of the LIBOR Cap, the highest LIBOR Cap Strike Price was used.

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

With respect to all of the underlying mortgage loans that have prepayment consideration periods during which voluntary principal prepayments must be accompanied by aStatic Prepayment Premium, the loan documents set out a period of time during which each borrower may prepay its entire related underlying mortgage loan without paymentof a Static Prepayment Premium, provided that such underlying mortgage loan is prepaid using the proceeds of certain types of Freddie Mac mortgage loans that are thesubject of a binding purchase commitment between Freddie Mac and a Freddie Mac-approved “Program Plus” seller/servicer. The Prepayment Provision characteristic forthese mortgage loans does not reflect this prepayment option.

(7) Initial Escrow Balances are as of the related loan closing date, not as of the Cut-off Date.

(8) With respect to Insurance Escrow (Monthly), springing Insurance Escrow (Monthly) commences upon event of default or, with respect to certain underlying mortgage loans, (i)event of default or (ii) origination of supplemental mortgage.

(9) With respect to the Interest Rate Cap Replacement reserve, generally the related borrower is required to make a monthly deposit to be used for the purchase of aReplacement Cap Agreement upon the expiration of the Replacement Cap Agreement in place as of the Cut-off Date for the related mortgage loan. The escrow deposit will berecomputed semi-annually or annually, as defined in the related mortgage loan documents, based on the lender's estimation of the cost of the Replacement Cap Agreement.The Replacement Cap Agreement must be made with a provider approved by the lender.

(10) With respect to Future Supplemental Financing Description, other than the required maximum combined LTV and minimum combined DSCR, calculated at the Rate Cap(Lifetime) or LIBOR Cap Strike Price where applicable, the loan documents also require (i) Freddie Mac approval, (ii) at least 12 months after first mortgage and (iii) certainother conditions of the security instrument or loan agreement, where applicable.

(11) With respect to Crossed Loans, the mortgage loans are cross-collateralized and cross-defaulted with each other. All Cut-Off Date Balance/Unit, Cut-Off Date LTV, Maturity LTV and UW NCF DSCR calculations presented are based on the aggregate indebtedness of the mortgage loans and the aggregate Cut-Off Date Loan Amount, Maturity Balance, Total Units, Appraised Value, Monthly Debt Service Amount (Amortizing) and UW NCF of all mortgaged properties securing the mortgage loans.

(12) With respect to the Other Escrow Reserve Description, the borrower was required to deposit $690,785 at closing into the Rental Achievement Reserve in connection with three commercial tenants that have taken occupancy but were not scheduled to begin paying rent until after the related mortgage loan closing. Lender will release the funds 30 days after the borrower has received the first month's rent from the respective commercial tenant.

(13) With respect to the Other Escrow Reserve Description, the borrower was required to deposit $1,633,664 at closing into the Tax Abatement Reserve. The property will benefit from a tax abatement beginning 1/1/2016 for the 2015-2016 tax year. The escrowed amount represents approximately two years of the difference between full and abated taxes in which the lender has the right to withdraw funds to pay for the real estate taxes as they become due. In the event that the borrower has not obtained the tax abatement by 3/31/2016, the borrower will be required to pay down the loan in the amount of $10,450,000 or such other amount as determined by lender. The borrower will also be subject to any prepayment premium due to such paydown amount on the underlying mortgage loan. Lender will release the funds from the tax abatement reserve 30 days after the borrower has delivered satisfactory evidence that the borrower has obtained the tax abatement.

(14) With respect to Title Vesting, the underlying mortgage loan is secured by the borrower’s leasehold interest and the ground lessor’s fee interest in the mortgaged real property. The mortgaged real property is subject to a ground lease agreement between the borrower and the Development Authority of Fulton County. The borrower’s leasehold interest expires on December 31, 2024. The annual rent payment is equal to the amount payable as principal and interest on the bonds issued in connection with the ground lease.

(15) With respect to the Other Escrow Reserve Description, the borrower was required to deposit $152,280 at closing into the Non-Residential Lease Reserve for two commercial tenants. The escrow will be released within 30 days after one of the following occurs: (i) repayment of indebtedness in full, or (ii) both commercial tenants have taken possession of the commercial spaces and the tenants have both paid the first month's rent pursuant to their respective leases; if one, or both, of the tenants does not take possession of their respective commercial space, the escrow can also be released if a new tenant enters into a lease with a minimum term of five years with an option to renew, takes possession of the space, and pays first month's rent.

(16) With respect to Title Vesting, the underlying mortgage loan is secured by the borrower’s leasehold interest and the borrower’s future fee interest in the mortgaged real property. The mortgaged real property is subject to a ground lease agreement between the borrower and the City of Tucson in order to carry out a government property lease excise tax program. The borrower’s leasehold interest expires on April 10, 2022. The annual rent is $10, which has been paid in full. Upon expiration of the ground lease, title to the mortgaged real property will vest in borrower or its successor.

(17) With respect to the Other Escrow Reserve Description, the borrower was required to make an initial deposit of $13,905 into the Non Residential Lease Reserve. Additionally, the borrower will be required to make annual deposits of $13,905 for the remaining term of the loan. Such amounts in the Non-Residential Lease Reserve will cover any potential costs or loss of income associated with a nonrenewal of the current non-residential lease expires and in certain circumstances may be used to pay down the underlying mortgage loan.

*Consists of three (3) underlying mortgage loans identified on Exhibit A-1 to the information circular as “Next”, “Fuse” and “Park On Morton”, which are cross-collateralized and cross-defaulted with each other.

Kayne Anderson Student Portfolio* 3 Student Various $115,380,000 14.1% 1.57x 1.05x 66.4% 2.070%13th & Olive 1 Student Eugene, OR 91,500,000 11.2 1.65x 1.11x 75.9% 2.070%The Catalyst 1 High Rise Chicago, IL 71,500,000 8.8 1.55x 1.04x 62.4% 1.960%Lofts At City Center 1 Student Tuscaloosa, AL 71,200,000 8.7 1.64x 1.10x 67.8% 2.060%Aston Gardens At Tampa Bay 1 Independent Living Tampa, FL 69,330,000 8.5 1.64x 1.12x 75.0% 2.360%Aston Gardens At Pelican Pointe 1 Independent Living Venice, FL 64,425,000 7.9 1.60x 1.10x 75.0% 2.360%One 12 Courtland 1 Student Atlanta, GA 55,800,000 6.8 1.62x 1.08x 71.5% 2.070%The Cottages Of Boone 1 Student Boone, NC 48,375,000 5.9 1.65x 1.11x 75.0% 2.070%Cottages Of San Marcos 1 Student San Marcos, TX 47,427,000 5.8 1.62x 1.08x 74.1% 2.070%The District At Campus West 1 Student Fort Collins, CO 46,500,000 5.7 1.63x 1.04x 73.5% 2.070%

Florida 3 $152,312,000 18.7% 1.61x 1.10x 73.3% 2.327%Texas 3 108,664,000 13.3 1.62x 1.08x 74.6% 2.054%Oregon 1 91,500,000 11.2 1.65x 1.11x 75.9% 2.070%Indiana 2 74,130,000 9.1 1.57x 1.05x 66.4% 2.070%Arizona 2 72,490,000 8.9 1.60x 1.07x 66.4% 2.074%Illinois 1 71,500,000 8.8 1.55x 1.04x 62.4% 1.960%Alabama 1 71,200,000 8.7 1.64x 1.10x 67.8% 2.060%Georgia 1 55,800,000 6.8 1.62x 1.08x 71.5% 2.070%North Carolina 1 48,375,000 5.9 1.65x 1.11x 75.0% 2.070%Colorado 1 46,500,000 5.7 1.63x 1.04x 73.5% 2.070%Minnesota 1 23,625,000 2.9 1.62x 1.01x 75.0% 2.080%

A-2-1

$18,557,000 - $24,999,999 3 $64,232,000 7.9% 1.60x 1.03x 71.0% 2.052%$25,000,000 - $34,999,999 2 64,650,000 7.9 1.60x 1.07x 66.4% 2.075%$35,000,000 - $44,999,999 3 121,157,000 14.8 1.59x 1.06x 69.2% 2.070%$45,000,000 - $54,999,999 3 142,302,000 17.4 1.63x 1.08x 74.2% 2.070%$55,000,000 - $69,999,999 3 189,555,000 23.2 1.62x 1.10x 74.0% 2.275%$70,000,000 - $91,500,000 3 234,200,000 28.7 1.62x 1.09x 69.3% 2.033%

1.55x - 1.59x 5 $205,437,000 25.2% 1.56x 1.05x 64.5% 2.034%1.60x - 1.64x 10 470,784,000 57.7 1.62x 1.08x 72.7% 2.148%1.65x 2 139,875,000 17.1 1.65x 1.11x 75.6% 2.070%

61.0% - 64.9% 2 $90,057,000 11.0% 1.55x 1.04x 62.1% 1.987%65.0% - 69.9% 5 217,820,000 26.7 1.60x 1.07x 66.9% 2.068%70.0% - 74.9% 3 149,727,000 18.3 1.62x 1.07x 72.9% 2.070%75.0% - 75.9% 7 358,492,000 43.9 1.63x 1.10x 75.2% 2.174%

53.6% - 54.9% 2 $90,057,000 11.0% 1.55x 1.04x 53.8% 1.987%55.0% - 59.9% 5 217,820,000 26.7 1.60x 1.07x 58.7% 2.068%60.0% - 64.9% 2 102,300,000 12.5 1.62x 1.06x 63.6% 2.070%65.0% - 66.6% 8 405,919,000 49.7 1.63x 1.10x 66.1% 2.162%

1.960% -1.999% 2 $93,550,000 11.5% 1.56x 1.04x 65.4% 1.967%2.000% - 2.249% 13 588,791,000 72.1 1.62x 1.08x 71.2% 2.070%2.250% - 2.360% 2 133,755,000 16.4 1.62x 1.11x 75.0% 2.360%

A-2-2

3.250% - 3.499% 3 $152,312,000 18.7% 1.61x 1.10x 73.3% 2.327%3.500% - 3.749% 11 571,609,000 70.0 1.61x 1.08x 70.1% 2.056%3.750% - 3.999% 2 68,550,000 8.4 1.62x 1.04x 74.0% 2.044%4.000% - 4.170% 1 23,625,000 2.9 1.62x 1.01x 75.0% 2.080%

*With respect to twelve (12) underlying mortgage loans with decreasing LIBOR cap strike prices over the term of the LIBOR cap, the highest LIBOR cap strike price was used.

120 16 $744,596,000 91.2% 1.62x 1.08x 72.0% 2.120% 126 1 71,500,000 8.8 1.55x 1.04x 62.4% 1.960%

117 9 $437,926,000 53.7% 1.62x 1.09x 72.7% 2.158%118 - 120 7 306,670,000 37.6 1.61x 1.07x 70.9% 2.065%121 - 124 1 71,500,000 8.8 1.55x 1.04x 62.4% 1.960%

360 17 $816,096,000 100.0% 1.61x 1.08x 71.1% 2.106%

360 17 $816,096,000 100.0% 1.61x 1.08x 71.1% 2.106%

1 1 $46,500,000 5.7% 1.63x 1.04x 73.5% 2.070%2 7 331,670,000 40.6 1.60x 1.07x 68.7% 2.042%3 9 437,926,000 53.7 1.62x 1.09x 72.7% 2.158%

A-2-3

Partial IO 17 $816,096,000 100.0% 1.61x 1.08x 71.1% 2.106%

Refinance 15 $747,546,000 91.6% 1.61x 1.08x 70.9% 2.112%Acquisition 2 68,550,000 8.4 1.62x 1.04x 74.0% 2.044%

Lockout Followed by 1% Penalty 17 $816,096,000 100.0% 1.61x 1.08x 71.1% 2.106%

Student 13 $588,791,000 72.1% 1.62x 1.08x 71.2% 2.070%Independent Living 2 133,755,000 16.4 1.62x 1.11x 75.0% 2.360%High Rise 1 71,500,000 8.8 1.55x 1.04x 62.4% 1.960%Age Restricted 1 22,050,000 2.7 1.61x 1.04x 75.0% 1.990%

74.4% - 84.9% 3 $130,777,000 16.0% 1.56x 1.04x 63.4% 2.013%85.0% - 89.9% 2 147,300,000 18.0 1.64x 1.10x 74.2% 2.070%90.0% - 94.9% 5 230,302,000 28.2 1.62x 1.08x 71.0% 2.059%95.0% - 99.9% 6 261,217,000 32.0 1.62x 1.09x 72.9% 2.221%100.0% 1 46,500,000 5.7 1.63x 1.04x 73.5% 2.070%

2000 - 2002 1 $69,330,000 8.5% 1.64x 1.12x 75.0% 2.360%2003 - 2008 1 64,425,000 7.9 1.60x 1.10x 75.0% 2.360%2009 - 2011 1 22,050,000 2.7 1.61x 1.04x 75.0% 1.990%2012 - 2013 7 350,082,000 42.9 1.63x 1.09x 70.9% 2.070%2014 7 310,209,000 38.0 1.59x 1.05x 69.5% 2.045%

A-2-4

Original Principal Balance: $115,380,000

Cut-off Date Principal Balance: $115,380,000

Maturity Date Principal Balance: $101,337,544

% of Initial Mortgage Pool Balance: 14.1%

Loan Purpose: Refinance

Interest Rate: L + 2.070%

LIBOR Strike Price / Cap Provider: 3.500% (Yr 1-2); 3.250% (Yr 3) / SMBC Capital Markets, Inc.

First Payment Date: February 1, 2015

Maturity Date: January 1, 2025

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

Call Protection: L(11) 1%(105) O(4)

Cash Management: N/A

Cut-off Date Principal Balance / Bed: $85,467

Maturity Date Principal Balance / Bed: $75,065

Cut-off Date LTV: 66.4%

Maturity Date LTV: 58.3%

Underwritten DSCR / DSCR at Cap: 1.57x / 1.05x

# of Beds: 1,350

Collateral: Fee Simple

Location: Various

Property Sub-type: Student

Year Built / Renovated: Various / N/A

Occupancy: 89.4% (10 / 2014)

92.3% (10/30/2014)

79.8% (10/30/2014)

97.0% (10/7/2014)

Underwritten / Most Recent NCF: $8,318,587 / N/A(2)

$2,983,717 / N/A

$2,909,178 / N/A

$2,425,692 / $391,791

Avg. Effective Annual Rent/Unit N/A(2)

(1) Consists of three underlying mortgage loans, Next, Fuse and Park On Morton, that are cross-collateralized and cross-defaulted with each other. (2) The three mortgaged properties are all newly constructed and built between 2013 and 2014, as such there is no Most Recent NCF and historical Average Effective Annual Rent/Unit available. (3) The property photos on this page show the Next and Fuse mortgaged properties, respectively from top to bottom.

The Next, Fuse and Park On Morton underlying mortgage loans are each secured by one mortgaged property (the “Kayne Anderson Student Portfolio Mortgaged Properties”) operating as a student multifamily housing property located in Tucson, Arizona, West Lafayette, Indiana, and Bloomington, Indiana respectively. The Next and Fuse properties were built in 2014 by the sponsor of the borrowers, and the Park On Morton property was constructed in 2013.

Cardinal Group Management Midwest LLC, a 3rd party management company, is the property manager for the Next and Fuse mortgaged properties within the Kayne Anderson Student Portfolio. Asset Campus Housing, Inc., a 3rd party management company, serves as the property manager for the Park On Morton mortgaged property.

The Kayne Anderson Student Portfolio is located across three cities, Tucson, Arizona, West Lafayette, Indiana, and Bloomington, Indiana. The Next mortgaged property is one (1) of six (6) comparable properties located in the Tucson market. The Fuse mortgaged property is one (1) of four (4) comparable properties located in the West Lafayette market. The Park On Morton mortgaged property is one (1) of five (5) comparable properties located in the Bloomington market.

A-3-1









Maturity Date: January 1, 2025









# of Beds: 1,308


Location: Eugene, OR


Year Built / Renovated: 2013 / N/A

Occupancy: 87.0% (12/31/2014)

Underwritten / Most Recent NCF: $6,950,852 / N/A(1)

Avg. Effective Annual Rent/Unit N/A(1)

(1) The 13th & Olive Mortgaged Property was newly constructed, as such there is no Most Recent NCF and historical Average Effective Annual Rent/Unit available.

The underlying mortgage loan is secured by a mortgaged real property operating as a student housing apartment complex, located in Eugene, Oregon.

Capstone Properties, LLC, a borrower controlled management company, is the property manager for the 13th & Olive mortgaged property.

The 13th & Olive mortgaged property is located in Eugene, Lane County, Oregon. The 13th & Olive mortgaged property is one (1) of six (6) comparable properties located in the Eugene and Portland markets.

A-3-2









Maturity Date: July 1, 2025




Cut-off Date Principal Balance / Unit: $320,628

Maturity Date Principal Balance / Unit: $276,719




# of Units: 223


Location: Chicago, IL

Property Sub-type: High Rise


Occupancy: 74.4% (12/22/2014) Underwritten / Most Recent NCF: $5,025,834 / N/A*







LIBOR Strike Price / Cap Provider: 3.500% (Yr 1-2); 3.250% (Yr 3) / Commonwealth Bank of Australia

First Payment Date: January 1, 2015

Maturity Date: December 1, 2024









# of Beds: 1,225


Location: Tuscaloosa, AL



Occupancy: 94.4% (10/22/2014)

Underwritten / Most Recent NCF: $5,352,187 / $3,473,136

A-3-3







LIBOR Strike Price / Cap Provider: 3.340% / SMBC Capital Markets, Inc.











# of Units: 327


Location: Tampa, FL

Property Sub-type: Independent Living


Occupancy: 95.4% (12/31/2014)








LIBOR Strike Price / Cap Provider: 3.340% / SMBC Capital Markets, Inc.











# of Units: 341


Location: Venice, FL

Property Sub-type: Independent Living


Occupancy: 97.9% (12/31/2014)


A-3-4


















# of Beds: 717

Collateral: Fee Simple / Leasehold

Location: Atlanta, GA



Occupancy: 87.0% (10/14/2014)



















# of Beds: 894


Location: Boone, NC



Occupancy: 91.6% (10/28/2014)


A-3-5





Loan Purpose: Acquisition


LIBOR Strike Price / Cap Provider: 3.930% / Commonwealth Bank of Australia

First Payment Date: March 1, 2015

Maturity Date: February 1, 2025









# of Beds: 659


Location: Fort Collins, CO



Occupancy: 100.0% (11/18/2014)



















# of Beds: 899


Location: San Marcos, TX



Occupancy: 92.3% (10/22/2014) Underwritten / Most Recent NCF: $3,523,715 / N/A

A-3-6

Payment Detail Page 1

Factor Detail Page 2

Principal Detail Page 3

Interest Detail Page 4

Reconciliation of Funds Page 5

Additional Reconciliation Detail Page 6

Historical Bond Collateral Realized Loss Reconciliation Page 8

Historical Delinquency & Liquidation (Stated) Page 9

REO Status Report Page 10

Historical Liquidation Loss Loan Detail Page 11

Interest Shortfall Reconciliation Page 12

NOI Loan Detail Page 13

Appraisal Reduction Report Page 14

Loan Level Detail Page 15

Historical Loan Modification Report Page 16

Material Breaches and Document Defects Page 17

Mortgage Loan Characteristics Page 18

A 0.00000% #VALUE! 1,227,377,000.00 0.00 #DIV/0! #DIV/0! #DIV/0! 0.00 #DIV/0! #DIV/0!

X #DIV/0! #DIV/0! 1,363,752,484.00 0.00 0.00 #DIV/0! #DIV/0! 0.00 0.00 #DIV/0!

B 0.00137% #VALUE! 34,094,000.00 0.00 #DIV/0! #DIV/0! #DIV/0! 0.00 #DIV/0! #DIV/0!

R 0.00137% #VALUE! 0.00 0.00 #DIV/0! #DIV/0! #DIV/0! 0.00 #DIV/0! #DIV/0!

0.00000% 0.00000% #VALUE! 0.00 0.00 #DIV/0! #DIV/0! 0.00 0.00 0.00

#VALUE! 0.00 #DIV/0! #DIV/0! #DIV/0! 0.00 #DIV/0! #DIV/0!

Page 1 of 21

A 30292EAF0 0.00000000 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

X 30292EAH6 0.00000000 0.00000000 #DIV/0! #DIV/0! 0.00000000 #DIV/0!

B 30292EAA1 0.00000000 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

R 30292EAC7 0.00000000 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

30292EAJ2 #VALUE! #VALUE! #DIV/0! #DIV/0! 0.00000000 0.00000000

Page 2 of 21

A 0.00 #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.00 2.70% #DIV/0!

B 0.00 #DIV/0! #DIV/0! 0.00 #DIV/0! 0.00 0.00% #DIV/0!

0.00 #DIV/0! 0.00 #DIV/0! #DIV/0! 0.00 0.00% 0.00%

0.00 #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.00

Page 3 of 21

A #DIV/0! 0.00 #DIV/0! #DIV/0! 0.00 0.00 0.00 #DIV/0! #DIV/0!

X #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.00 0.00 0.00 #DIV/0! #DIV/0!

B #DIV/0! 0.00 #DIV/0! #DIV/0! 0.00 0.00 #DIV/0! #DIV/0! #DIV/0!

R #DIV/0! 0.00 #DIV/0! #DIV/0! 0.00 0.00 #DIV/0! #DIV/0! #DIV/0!

0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 #DIV/0! 0.00

#DIV/0! #DIV/0! #DIV/0! 0.00 0.00 #DIV/0! #DIV/0! #DIV/0!

Page 4 of 21

3,097,086.95 0.00

0.00 637,689.21

0.00 0.00

0.00 637,689.21

0.00

0.00 0.00

3,097,086.95 0.00

0.00

1,275,378.42

0.00

0.00

558,233.57 0.00

0.00 0.00

0.00 0.00

558,233.57 0.00

0.00

0.00

0.00

0.00 0.00

0.00 #DIV/0!

0.00

0.00

0.00 #DIV/0!

0.00 #DIV/0!

#DIV/0!

3,655,320.52 #DIV/0!

Page 5 of 21

A #DIV/0! #DIV/0! #DIV/0! 0.00 #DIV/0! #DIV/0!

X #DIV/0! N/A N/A N/A #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! 0.00 #DIV/0! #DIV/0!

A 4.00 #DIV/0! #DIV/0! 0.00 0.00

X #DIV/0! N/A N/A N/A 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

17,158.63 0.00 0.00 0.00 0.00 0.00

0.00187% 0.00 0.00 0.00

0.1540%

#VALUE!

Page 6 of 21

1 79 1,362,616,127.99 558,233.57 0.00 705,752.42 1,263,985.99 1,362,057,894.42 0.00 1,362,057,894.42

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provided however

provided further

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

Pass-Through Trust Agreement . . . . . . . . . . . . . . . . . . . . . . . S-7Form of SPCs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-7Denominations of SPCs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-7Structure of Transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-7The Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-8

Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-9Payment Dates; Record Dates . . . . . . . . . . . . . . . . . . . . . . . . . S-9Method of Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-9Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-9Principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10Static Prepayment Premiums . . . . . . . . . . . . . . . . . . . . . . . . . S-10Class Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-10Optional Termination; Redemption . . . . . . . . . . . . . . . . . . . . . S-11

Prepayment and Yield Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11Mortgage Prepayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-12Suitability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-12

Final Payment Dates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-12Certain Federal Income Tax Consequences . . . . . . . . . . . . . . . . . . . S-13

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

Legal Investment Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . S-14Accounting Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-14ERISA Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-14Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-14Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-14Appendix A — Transaction Summary . . . . . . . . . . . . . . . . . . . . . . S-A-1

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

Summary of Information Circular . . . . . . . . . . . . . . . . . . . . . . . . . 5Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37Capitalized Terms Used in this Information Circular . . . . . . . . . . . . 86Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86Description of the Issuing Entity . . . . . . . . . . . . . . . . . . . . . . . . . . 87Description of the Depositor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88Description of the Mortgage Loan Seller and Guarantor . . . . . . . . . 88Description of the Borrowers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92Description of Kayne Anderson . . . . . . . . . . . . . . . . . . . . . . . . . . . 92Description of the Underlying Mortgage Loans . . . . . . . . . . . . . . . . 93Description of the Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113Yield and Maturity Considerations . . . . . . . . . . . . . . . . . . . . . . . . . 136The Pooling and Servicing Agreement . . . . . . . . . . . . . . . . . . . . . . 143Certain Federal Income Tax Consequences . . . . . . . . . . . . . . . . . . . 190State and Other Tax Considerations . . . . . . . . . . . . . . . . . . . . . . . . 202Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203

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 Top Ten Mortgage Loans orGroup of Cross-Collateralized Mortgage Loans . . . . . . . . . . . . . . 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’sRepresentations and Warranties . . . . . . . . . . . . . . . . . . . . . . . . . C-2-1

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

Exhibit E — Price/Yield Table for the Class X Certificates . . . . . . . E-1

$734,486,000(Approximate)

Freddie Mac

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

Co-Lead Managers and Joint Bookrunners

Wells Fargo Securities

Credit Suisse

Co-Managers

J.P.MorganMorgan Stanley

Stern Brothers & Co.

March 9, 2015