KBRA Affirms All Ratings for FREMF 2021-K124
22 Jan 2025 | New York
KBRA affirms all of its outstanding ratings for FREMF 2021-K124, a $1.2 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 securitization.
As of the December 2024 remittance period, there are no delinquent or specially serviced loans. However, KBRA identified one K-LOC (1.9% of the pool balance), which has an estimated loss:
- Gardens at Camp Creek (1.9% of the pool balance, 15.1% estimated loss severity)
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 110.2%, compared to 118.3% at last review and 130.5% at securitization. The WA KDSC is 2.06x, compared to 1.92x at last review and 1.76x at securitization.
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