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KBRA Affirms All Ratings for FREMF 2020-K121

24 Sep 2025   |   New York

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KBRA affirms all of its outstanding ratings for FREMF 2020-K121, a $1.4 billion CMBS multi-borrower transaction. All loans were originated in conjunction with the Federal Home Loan Mortgage Corporation's (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.

As of the August 2025 remittance period, there are four specially serviced assets (2.8% of the pool balance). KBRA identified eight K-LOCs (5.6%), including the specially serviced assets. Of the K-LOCs, four (3.0%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 25 Brinkley Manor MF $21,560 1.6% N C N DSCR 06/10/2025 - - 28 Glendale Manor MF $18,571 1.3% Y C N Specially Serviced 02/06/2024 $4,944 26.6% 34 Wilmot Vista Apartments MF $11,676 0.8% Y C N Specially Serviced 02/06/2024 $2,806 24.0% 51 Copley Manor MF $7,440 0.5% N C N DSCR 02/06/2024 $2,863 38.5% 50 Citadel Apartments MF $7,301 0.5% N C N DSCR 03/21/2024 - - 53 Glen Park MF $6,190 0.4% Y C N Specially Serviced 02/06/2024 - - 63 Riverview Villas MF $2,691 0.2% Y C N Specially Serviced 02/06/2024 $1,484 55.2% 66 Rolling Hills MHC MH $1,497 0.1% N C N DSCR 10/15/2024 - - Total K-LOCs $76,927 5.6% $12,098 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 111.7%, compared to 114.1% at last review and 129.4% at securitization. The KDSC is 1.75x, compared to 1.71x at last review and 1.53x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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