KBRA Affirms All Ratings for CF 2020-P1
28 Mar 2025 | New York
KBRA affirms all of its outstanding ratings for CF 2020-P1, a $269.5 million CMBS large loan transaction collateralized by 14 fixed rate first mortgage loans, one of which (2.4% of the pool balance) has fully defeased since last review. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization due to the addition of K-LOCs with estimated losses. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the March 2025 remittance period, there are three specially serviced assets (21.4%), all of which are in foreclosure. KBRA identified five K-LOCs (37.9%), including the specially serviced assets. These include:
Three top 10 loans (35.3%):
- Parkmerced (2nd largest, 14.8% of the pool balance)
- 650 Madison Avenue (3rd largest, 14.8%, 17.5% estimated loss severity)
- 1357 Flatbush (6th largest, 5.6%, 28.7%)
One additional K-LOC with an estimated loss (1.0%):
- 95 Legion Street (1.0%, 64.4%)
The remaining K-LOC does not have an estimated loss and represents 1.6% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 100.2%, compared to 94.2% at last review and 86.4% at securitization. The WA KDSC is 2.70x, compared to 2.40x at last review and 2.51x at securitization.
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