KBRA Affirms All Ratings for FREMF 2020-K109
10 May 2024 | New York
KBRA affirms all of its outstanding ratings for FREMF 2020-K109, 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 an improvement in pool performance since securitization.
As of the April 2024 remittance period, there is one specially serviced loan (0.6% of the pool balance). KBRA identified two K-LOCs (3.3%), including one top 10 loan:
- Rise Spring Cypress (10th largest, 2.7%)
The remaining K-LOC has an estimated loss and represents 0.6% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 108.3%, compared to 112.5% at last review and 125.0% at securitization. The KDSC is 1.66x, compared to 1.61x at last review and 1.41x securitization.
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