KBRA Affirms All Ratings for Morgan Stanley Capital I Trust 2020-L4
7 Feb 2025 | New York
KBRA affirms all of its outstanding ratings for Morgan Stanley Capital I Trust 2020-L4, an $822.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since issuance.
As of the January 2025 remittance period, there are no delinquent or specially serviced loans; however, KBRA identified seven K-LOCs (15.3% of the pool balance), of which three (10.8%) have estimated losses. These include:
Two of the top 10 loans (8.7%)
- 1412 Broadway (6th largest, 4.9%, 23.8% estimated loss severity)
- Haggerty Corridor Corporate Park (9th largest, 3.9%, 12.9%)
One other K-LOC has an estimated loss:
- Four Research Drive (2.0%, 9.2%)
The remaining four K-LOCs represent 4.6% of the pool and do not have estimated losses.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 95.7%, compared to 99.6% at last review and 96.5% at securitization. The KDSC is 2.97x, compared to 2.90x at last review and 2.77x at securitization.
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