KBRA Affirms All Ratings for FREMF 2021-K126
14 Mar 2025 | New York
KBRA affirms all of its outstanding ratings for FREMF 2021-K126, 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 affirmations follow a surveillance review of the transaction, which has exhibited an improvement in overall pool performance since securitization.
As of the February 2025 remittance period, there are no delinquent or specially serviced loans. However, KBRA identified one K-LOC (0.3% of the pool balance), which has an estimated loss (26.4% estimated loss severity).
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 110.4%, compared to 114.1% at last review and 131.2% at securitization. The KDSC is 1.90x, compared to 1.83x at last review and 1.61x at securitization.
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