Fitch Provides Preliminary Ratings on COMM 2009-K3 on a Point-in-Time Basis

NEW YORK--(Business Wire)--
COMM 2009-K3 multifamily mortgage pass-through certificates have expected
point-in-time ratings as of June 18, 2009 by Fitch Ratings as follows:

--$38,000,000 class A-1 'AAA';

--$29,500,000 class A-2 'AAA';

--$48,000,000 class A-3 'AAA';

--$60,000,000 class A-AB 'AAA';

--$290,000,000 class A-4 'AAA';

--$386,260,000 class A-5 'AAA'.

The point-in-time scope of these ratings will be based on information provided
by the issuer as of June 18, 2009 and the rating does not extend beyond that
date. The rating does not take into account any guarantee by Freddie Mac. The
class A-1, A-2, A-3, A-AB, A-4, and A-5 certificates will not be monitored on an
on-going basis by Fitch. As such, Fitch will not assign rating actions, Rating
Outlooks, or additional commentary regarding this transaction in the future.

The certificates represent beneficial ownership interest in the COMM 2009-K3
trust, primary assets of which are 62 fixed-rate loans secured by 62 multifamily
properties having an aggregate principal balance of approximately $1.059 billion
as of the cutoff date. The loans were originated by 11 Freddie Mac Program Plus
Lenders and purchased by Freddie Mac for the Capital Markets Execution (CME)
Program.

Fitch performed an originator review of Freddie Mac's CME Program including
their guidelines for the Program Plus Lenders under the CME Program. The
origination and underwriting practices compare favorably to the industry's best
practices identified in Fitch's U.S. Commercial Mortgage Originator Review
Criteria, dated April 24, 2009 and found on the Fitch Ratings web site at
www.fitchratings.com.

The pooled collateral has a Fitch stressed debt service coverage ratio (DSCR) of
1.06 times (x) and a Fitch stressed loan-to-value (LTV) of 105% representing a
Fitch cash flow (net cash flow [NCF]) variance of 16% to issuer NCF. Fitch
applied a stressed refinance constant of 9.8% and stressed cap rate of 8.9% on a
weighted average basis.

The pool is diversified by geographic region with only four states, Georgia
(13.4%), Texas (11.7%), California (11.6%), and Connecticut (10.1%) representing
more than 10% of the pool. The assets are high quality within their respective
markets and generally report occupancies greater than 90%.

The pool is 100% comprised of multifamily properties and is concentrated by loan
size. The 10 largest loan concentrations comprise 50.5% of the total outstanding
principal balance. In addition, 65.9% of the loans mature in 2019.

Fitch conducted site inspections for 74% of the properties and found the
collateral to be of above-average quality. In addition, the pool has an average
Property Market Metric score of 2.15.

One loan, The San Remo, has a shadow rating of 'AAA' by Fitch. The San Remo is a
14l-unit luxury Co-op on Central Park West on Manhattan's Upper West Side. The
$29.5 million loan has a Fitch DSCR of 2.17x. Property management operates a
portfolio of more than 50 apartment buildings containing over 12,000 residential
units in New York City.

Two sponsor concentrations represent 19% and 8%, of the pool, respectively. A
subsidiary of Post Properties Inc. is the sponsor for five crossed loans
totaling $202 million secured by five properties located across three states. In
aggregate, the five loans have a Fitch DSCR of 1.00x. One loan, Post Hyde Park,
has a Fitch DSCR of 0.89x. An additional sponsor concentration includes The
Links at Tuscaloosa, the second largest loan in the pool, and The Links at
Lincoln, the 6th largest loan in the pool. These two loans total $89 million and
are each greater than 92% occupied, as of March 2009. The loans are secured by
high-quality properties with substantial amenities and have Fitch DSCRs of 0.89x
and 0.94x, respectively.

The Master Servicer will be Wells Fargo Bank, N.A., rated 'CMS2' by Fitch. The
Special Servicer on this transaction will also be Wells Fargo Bank, N.A., rated
'CSS1' by Fitch.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings
Ryan Frank, +1-312-368-3133, Chicago
Eric Rothfeld, +1-212-908-0761, New York
Media Relations:
Sandro Scenga, +1-212-908-0278, New York
sandro.scenga@fitchratings.com

Copyright Business Wire 2009