KBRA Upgrades Three Ratings and Affirms All Other Ratings for FREMF 2018-K73
21 Nov 2024 | New York
KBRA upgrades the ratings of three classes and affirms all other outstanding ratings for FREMF 2018-K73, 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 rating actions follow a surveillance review of the transaction, which has exhibited an improvement in pool performance since KBRA's last ratings change in August 2022.
As of the October 2024 remittance period, there are no delinquent or specially serviced loans; however, KBRA identified three K-LOCs (5.8%), none of which have estimated losses. These include one top 10 loan:
- Avenue at San Marcos (9th largest, 3.3%)
The transaction’s WA KLTV is 95.9%, compared to 108.4% at KBRA’s last ratings change and 119.0% at securitization. The KDSC is 1.73x, compared to 1.51x at KBRA’s last ratings change and 1.38x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class A-M to AA+ (sf) from AA (sf)
- Class B to AA- (sf) from A (sf)
- Class C to A- (sf) from BBB (sf)
To access ratings and relevant documents, click here.
Click here to view the report.