KBRA Affirms All Ratings for BANK 2020-BNK25
16 Jan 2025 | New York
KBRA affirms all of its outstanding ratings for BANK 2020-BNK25, a $1.6 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance compared to securitization.
As of the December 2024 remittance period, there are no delinquent or specially serviced loans; however, KBRA identified two K-LOCs (5.2%), including one top 10 loan:
- 1412 Broadway (7th largest, 4.5% of the pool, 25.0% estimated loss severity)
The remaining K-LOC represents 0.7% of the pool and does not have an estimated loss.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 89.4%, compared to 87.7% at last review and 85.8% at securitization. The WA KDSC is 3.39x, compared to 3.43x at last review and 3.31x at securitization.
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