KBRA Affirms All Ratings for FREMF 2020-K120
19 Sep 2024 | New York
KBRA affirms all of its outstanding ratings for FREMF 2020-K120, 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 an improvement in overall pool performance since securitization.
As of the August 2024 remittance period, none of the loans are specially serviced or delinquent. However, KBRA identified two K-LOCs (2.1% of the pool balance), neither of which have an estimated loss.
The transaction's WA KLTV is 112.5%, compared to 119.6% at last review and 128.5% at securitization. The KDSC is 1.75x, compared to 1.63x at last review and 1.53x at securitization
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