KBRA Affirms All Ratings for FREMF 2015-K49
17 Apr 2025 | New York
KBRA affirms all of its outstanding ratings for FREMF 2015-K49, 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 pool performance since KBRA's last ratings change in August 2022. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the March 2025 remittance period, there is one loan (1.3% of the pool balance) that is 30+ days delinquent. KBRA identified six K-LOCs (3.9%), including the delinquent asset. These include:
Two K-LOCs (1.8%) with estimated losses:
- Hillside Commons (1.3%, 17.0% estimated loss severity)
- The Fleur De Lis (0.5%, 23.6%)
The remaining four K-LOCs do not have estimated losses. and represent 2.1% of the pool.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 73.1%, compared to 90.4% at KBRA's last ratings change in August 2022 and 113.5% at securitization. The KDSC is 2.42x, compared to 1.93x at KBRA's last ratings change and 1.54x at securitization.
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