KBRA Affirms All Ratings for FREMF 2020-K116
19 Jul 2024 | New York
KBRA affirms all of its outstanding ratings for FREMF 2020-K116, a $1.4 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 June 2024 remittance period, there are no delinquent or specially serviced loans. However, two loans (1.6% of the pool balance) have been identified as K-LOCs, one of which (0.9%) has an estimated loss.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 112.9%, compared to 115.6% at last review and 128.4% at securitization. The WA KDSC is 1.53x, compared to 1.49x at last review and 1.36x at securitization.
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