KBRA Affirms All Ratings for FREMF 2023-K153
17 Jan 2025 | New York
KBRA affirms all of its outstanding ratings for FREMF 2023-K153, a $1.1 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 December 2024 remittance period, there are two loans (2.4% of the pool balance) that are 60+ days delinquent and one loan (0.2%) that is 30+ days delinquent. KBRA has identified five loans (6.8%) as K-LOCs, of which one (0.9%) has an estimated loss. This includes:
- Country Club Manor (0.9% of the pool balance, 25.8% estimated loss severity)
The remaining four loans do not have estimated losses and represent 5.9% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 114.6%, compared to 112.0% at last review and 112.1% at securitization. The WA KDSC is 1.25x, compared to 1.24x at last review and securitization.
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