KBRA Affirms All Ratings For Benchmark 2020-B22
6 Dec 2024 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2020-B22, an $807.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the November 2024 remittance period, there are no delinquent or specially serviced loans. However, KBRA identified two loans as K-LOCs (2.4% of the pool balance), neither of which are top 10 loans. One of the K-LOCs, 350 West Broadway (1.7%), has an estimated loss severity of 20.7%.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 91.6%, compared to 94.3% at last review and 95.4% at securitization. The WA KDSC is 2.84x, compared to 2.87x at last review and 2.78x at securitization.
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