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KBRA Upgrades Two Ratings and Affirms All Other Ratings for FREMF 2019-K94

23 May 2025   |   New York

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KBRA upgrades two ratings and affirms all other outstanding ratings for FREMF 2019-K94, 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 rating actions follow a surveillance review of the transaction, which has exhibited an improvement in overall pool performance compared to securitization.

As of the April 2025 remittance period, there are no specially serviced or delinquent loans. However, four loans (3.1% of the pool balance) have been identified as K-LOCs, none of which are within the top 10 or have estimated losses. The K-LOCs are displayed in the table below.

Loss Given Default (000s) Loss Severity 22 The Heights Apartments MF $19,984 1.53% N C N DSCR 07/22/2024 $0 0.0% 37 Heritage At Tampa MF $10,350 0.79% N C Y Forbearance 12/19/2024 $0 0.0% 47 Depot Square Apartments MF $6,793 0.52% N C N DSCR 07/12/2023 $0 0.0% 58 1850 North 18th Street MF $3,351 0.26% N C N DSCR 02/20/2024 $0 0.0% Total K-LOCs $40,478 3.1% $0 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Property Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Modified (Y/N) Primary K- LOC Reason K-LOC Date 1
Source: KBRA

The transaction's WA KLTV is 100.4%, compared to 103.4% at last review and 117.2% at securitization. The KDSC is 1.61x, compared to 1.54x at last review and 1.35x at securitization.

Details concerning the classes with ratings changes are as follows:

  • Class B to A (sf) from A- (sf)
  • Class C to BBB (sf) from BBB- (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1009579

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