KBRA Affirms All Ratings for CFCRE 2016-C4
29 Mar 2024 | New York
KBRA affirms all of its outstanding ratings for CFCRE 2016-C4, a $702.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in pool performance compared to securitization. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the March 2024 remittance period, there is one specially serviced asset (0.5% of the pool balance), which is REO. KBRA identified five K-LOCs (6.1%), including the specially serviced asset. Of the K-LOCs, Stein Mart Plaza Westlake (0.5%, 48.2% estimated loss severity) has an estimated loss.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 84.0%, compared to 90.7% at last review and 98.7% at securitization. The KDSC is 2.02x, compared to 1.88x at last review and 1.84x at securitization.
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