KBRA Affirms All Ratings for FREMF 2021-K135
20 Sep 2024 | New York
KBRA affirms all of its outstanding ratings for FREMF 2021-K135, a $1.3 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 August 2024 remittance period, none of the loans are specially serviced or delinquent; however, one loan (0.6% of the pool balance) has been identified as a K-LOC with an estimated loss.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 125.5%, compared to 129.6% at last review and 128.4% at securitization. The WA KDSC is 1.58x, compared to 1.52x at last review and 1.53x at securitization.
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