KBRA Affirms All Ratings for FREMF 2016-K53
22 Mar 2024 | New York
KBRA affirms all of its outstanding ratings for FREMF 2016-K53, a $1.4 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 a slight improvement in pool performance since last ratings change in August 2022. However, the magnitude of the changes does not warrant any rating adjustments at this time.
As of the February 2024 remittance period, none of the loans are delinquent or specially serviced. However, KBRA identified one K-LOC (1.3% of the pool balance), which is not within the Top 10 nor does it have an estimated loss.
The transaction’s WA KLTV is 85.4%, compared to 93.7% at KBRA's last ratings change in August 2022 and 112.3% at securitization. The WA KDSC is 1.96x, compared to 1.79x at KBRA's last ratings change and 1.55x at securitization.
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