KBRA Affirms All Ratings for WFCM 2020-C58
13 Dec 2024 | New York
KBRA affirms all outstanding ratings of WFCM 2020-C58, a $663.4 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the November 2024 remittance period, there are two specially serviced loans (4.6% of the pool balance). KBRA identified four K-LOCs (8.0%), including the specially serviced loans. Of the K-LOCs, three (6.0%) have estimated losses.
- Stone & Montague Portfolio (2.3% of the pool balance, 21.8% estimated loss severity)
- One Stockton (2.3% of the pool balance, 54.5% estimated loss severity)
- Goldman Chicago Multifamily Portfolio Trance 4 (1.4% of the pool balance, 8.8% estimated loss severity)
The remaining K-LOC represents 2.0% of the pool balance.
Excluding the K-LOCs with an estimated loss, the transaction's WA KLTV is 98.7%, compared to 102.8% at last review and 104.2% at securitization. The KDSC is 2.27x, compared to 2.31x at last review and 2.23x at securitization.
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