KBRA Upgrades One Rating and Affirms All Other Ratings for FREMF 2016-K53
21 Mar 2025 | New York
KBRA upgrades one rating and affirms all of its outstanding ratings for FREMF 2016-K53, a $1.3 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 upgrade and affirmations follow a surveillance review of the transaction,which has exhibited a slight improvement in pool performance since the last review in March 2024. In addition, the rating actions reflect transaction deleveraging from loan defeasances and amortization.
As of the February 2025 remittance period, none of the loans are delinquent or specially serviced. However, KBRA identified two K-LOCs (2.0% of the pool balance), which do not have estimated losses.
The transaction’s WA KLTV is 80.6%, compared to 85.4% at last review and 112.3% at securitization. The WA KDSC is 2.07x,compared to 1.96x at last review and 1.55x at securitization.
Details concerning the classes with ratings changes are as follows:
- Class C to AA- (sf) from A+ (sf)
To access ratings and relevant documents, click here.
Click here to view the report.