KBRA Affirms All Ratings for FREMF 2020-K109
24 Apr 2025 | New York
KBRA affirms all of its outstanding ratings for FREMF 2020-K109, a $1.1 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 an improvement in overall pool performance since securitization.
As of the March 2025 remittance period, there is one specially serviced loan (0.6% of the pool balance), which is 90+ days delinquent. KBRA identified six K-LOCs (9.7%), including the specially serviced asset.
The K-LOCs include two top 10 loans (5.7%):
- Enchanted Woods Apartments (8th largest, 3.0%)
- Rise Spring Cypress (10th largest, 2.7%)
One K-LOC has an estimated loss:
- Blue Valley Court Townhouses loan (0.6%, 57.3% estimated loss severity)
The remaining three K-LOCs represent 3.4% of the pool balance and do not have estimated losses.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 108.1%, compared to 108.3% at last review and 125.0% at securitization. The KDSC is 1.66x, unchanged from last review, and compared to 1.41x securitization.
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