KBRA Affirms All Ratings for FREMF 2023-K156
24 Apr 2024 | New York
KBRA affirms all of its outstanding ratings for FREMF 2023-K156, a $1.0 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation’s (FreddieMac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization with the exception of a Top 10 loan (3.3% of the pool), which has transferred to special servicing.
As of the March 2024 remittance period, there is one specially serviced loan, which is in foreclosure. KBRA identified the specially serviced asset, Charlestowne North (9th largest, 3.3% of the pool), as a K-LOC (3.3%) with an estimated loss.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 108.4%, compared to 108.3% at securitization. The WA KDSC is 1.17x, compared to 1.18x at securitization.
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