KBRA Affirms All Ratings for FREMF 2020-K121
17 Oct 2024 | New York
KBRA affirms all of its outstanding ratings for FREMF 2020-K121, 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 stable pool performance since securitization.
As of the September 2024 remittance period, there is one specially serviced asset (1.4% of the pool balance), which is 60+ days delinquent. KBRA identified seven K-LOCs (4.6%), including the specially serviced asset. Of the K-LOCs, three (2.1%) have estimated losses. These include:
- Glendale Manor (1.4% of the pool, 10.7% estimated loss severity)
- Copley Manor (0.5%, 35.3%)
- Riverview Villas (0.2%, 49.2%)
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 114.9%, compared to 122.5% at last review and 129.4% at securitization. The KDSC is 1.71x, compared to 1.61x at last review and 1.53x at securitization.
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