KBRA Affirms All Ratings for FREMF 2020-K110
21 Jun 2024 | New York
KBRA affirms all of its outstanding ratings for FREMF 2020-K110, 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 pool performance since securitization.
As of the May 2024 remittance period, there are no delinquent or specially serviced loans; However, KBRA identified two K-LOCs (1.8% of the pool balance), of which one (1.1%) has an estimated loss.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 106.5%, compared to 112.7% at last review and 127.8% at securitization. The KDSC is 1.61x, compared to 1.52x at last review and 1.35x securitization.
To access rating and relevant documents, click here.
Click here to view the report.