KBRA Affirms One Rating for FREMF 2015-K1501
17 Apr 2025 | New York
KBRA affirms its outstanding rating for FREMF 2015-K1501, a $438.2 million multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmation follows a surveillance review of the transaction, which has exhibited stable pool performance since KBRA's last rating change in April 2024.
As of the March 2025 remittance period, none of the loans are specially serviced or delinquent. However, KBRA identified two K-LOCs (8.8% of the pool balance). These include:
- Cathedral Parkway Towers (5th largest, 7.3%)
- The Corners Apartment Homes (7th largest, 1.5%, 57.9% estimated loss severity)
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 96.4%, compared to 95.7% at KBRA's last rating change and 107.1% at securitization. The KDSC is 1.40x, compared to 1.46x at KBRA's last rating change and 1.42x at securitization.
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