KBRA Affirms All Ratings for FREMF 2022-K137
17 Jan 2025 | New York
KBRA affirms all of its outstanding ratings for FREMF 2022-K137, a $1.2 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the December 2024 remittance period, none of the loans are specially serviced or delinquent; however, KBRA identified one K-LOC (0.6% of the pool balance), which has an estimated loss. This includes:
- Riverview Apartments (0.6%, 27.3% estimated loss severity)
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 120.8%, compared to 122.1% at last review and 129.8% at securitization. The KDSC is 1.54x, compared to 1.52x at last review and 1.43x at securitization.
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