KBRA Affirms All Ratings for CF 2020-P1
29 Mar 2024 | New York
KBRA affirms all of its outstanding ratings for CF 2020-P1, a $269.9 million CMBS large loan transaction collateralized by 14 fixed rate first mortgage loans that are secured by 43 properties. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization with the addition of K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the March 2024 remittance period, there are two specially serviced assets (6.6% of the pool balance), of which, one (1.0%) is in foreclosure and one (5.6%) is 90+ days delinquent. KBRA identified five K-LOCs (37.9%), including the specially serviced assets.
These include:
Three top 10 loans (35.2%):
- Parkmerced (2nd largest, 14.8% of the pool balance)
- 650 Madison Avenue (3rd largest, 14.8%)
- 1357 Flatbush (6th largest, 5.6%)
One K-LOC with an estimated loss (1.0%):
- 95 Legion Street (1.0%, 34.9% estimated loss severity)
The remaining K-LOC does not have an estimated loss and represents 1.7% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 94.2%, compared to 100.3% at last review and 86.4% at securitization. The WA KDSC is 2.41x, compared to 2.29x at last review and 2.51x at securitization.
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