KBRA Upgrades One Rating for FREMF 2015-K1501
17 Apr 2024 | New York
KBRA upgrades the rating of one class of FREMF 2015-K1501, a $448.0 million CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation's (Freddie Mac) K-Deal program. The rating action follows a surveillance review of the transaction, which has exhibited an improvement in pool performance since issuance. In addition, the rating action reflects transaction deleveraging from loan defeasances, payoffs, and amortization.
As of the March 2024 remittance period, none of the loans are specially serviced or delinquent; however, KBRA identified one K-LOC (7.3% of the pool balance), Cathedral Parkway Towers, which is the fifth largest loan and does not have an estimated loss.
The transaction's WA KLTV is 95.7%, compared to 101.8% at last review and 107.1% at securitization. The KDSC is 1.46x, compared to 1.39x at last review and 1.42x at securitization.
Details concerning the class with ratings change are as follows:
- Class B to BBB-(sf) from BB-(sf)
To access rating and relevant documents, click here.
Click here to view the report.