KBRA Assigns Preliminary Ratings to NJ 2023-GSP
KBRA announces the assignment of preliminary ratings to three classes of NJ 2023-GSP, a CMBS single-borrower securitization.
- KBRA announces the assignment of preliminary ratings to three classes of NJ 2023-GSP, a CMBS single-borrower securitization.
- The fixed rate loan has a five-year term and requires monthly interest-only payments based on an estimated coupon of 6.75%.
- To assign ratings to the transaction’s interest only securities, KBRA relied on its Methodology for Rating Interest-Only Certificates in CMBS Transactions .
- The results of our analysis yielded a KBRA net cash flow (KNCF) for the property of approximately $92.8 million, which is 11.4% below the issuer’s NCF, and a KBRA value of approximately $1.2 billion ($1,009 per sf).