KBRA Affirms All Ratings for Hamlet 2020-CRE1
30 May 2025 | New York
KBRA affirms all of its outstanding ratings for Hamlet 2020-CRE1, a $1.5 billion CMBS securitization collateralized by 21 fixed rate first mortgage loans that are secured by 44 properties. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization, including loans being identified as K-LOCs. However, the magnitude of the changes does not warrant rating adjustments at this time.
As of the May 2025 remittance period, there are two specially serviced loans (16.2%). In addition, there is one loan that did not pay off at its May 2025 maturity date (6.7%) and a loan that is 60 days delinquent (11.4%) that remains with the master servicer. KBRA has identified seven loans (42.8%) as K-LOCs, including the specially serviced and delinquent loans. Of these, two (15.0%) have estimated losses. The K-LOCs are depicted in the table below:
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 112.3%, compared to 120.0% at last review and 121.6% at securitization. The KDSC is 1.41x, compared to 1.51x at last review and 1.62x at securitization.
To access ratings and relevant documents, click here.
Click here to view the report.