KLTV

KBRA Assigns Preliminary Ratings to HTL 2024-T53

Retrieved on: 
Monday, April 1, 2024
Professional Services, Finance, ADR, HTL, TTM, CMBS, KLTV, RevPAR, NCF, Engineering, KBRA, Telescopic sight

KBRA announces the assignment of preliminary ratings to six classes of HTL 2024-T53, a CMBS single-borrower securitization.

Key Points: 
  • KBRA announces the assignment of preliminary ratings to six classes of HTL 2024-T53, a CMBS single-borrower securitization.
  • The collateral for the transaction is a $631.5 million fixed rate, interest-only mortgage loan.
  • The loan will be secured by the borrowers’ fee simple interests in 53 hotels, all located in 14 states.
  • As of TTM 1/2024, the portfolio achieved weighed average occupancy, ADR and RevPAR penetration rates of 106.9%, 109.1% and 118.8%, respectively.

KBRA Assigns Preliminary Ratings to BX 2024-BRVE

Retrieved on: 
Tuesday, March 26, 2024
Professional Services, Finance, ADR, BX, CMBS, KLTV, Methodology, RevPAR, NCF, Engineering, KBRA

KBRA announces the assignment of preliminary ratings to seven classes of BX 2024-BRVE, a CMBS single-borrower securitization.

Key Points: 
  • KBRA announces the assignment of preliminary ratings to seven classes of BX 2024-BRVE, a CMBS single-borrower securitization.
  • The collateral for the transaction is a $428.5 million floating rate, interest-only mortgage loan.
  • The loan has an initial two-year term with three, one-year extension options and requires monthly interest-only payments.
  • The resulting in-trust KBRA Loan to Value (KLTV) is 77.9%.

KBRA Assigns Preliminary Ratings to DC Trust 2024-HLTN

Retrieved on: 
Wednesday, March 20, 2024
Professional Services, Finance, Methodology, RevPAR, ADR, Acquisition, KBRA, TTM, Morgan Stanley, Washington Hilton, CMBS, NCF, FedEx, Restaurant, FedEx Office, KLTV, Engineering, Telescopic sight

KBRA announces the assignment of preliminary ratings to eight classes of DC Trust 2024-HLTN, a CMBS single-borrower securitization.

Key Points: 
  • KBRA announces the assignment of preliminary ratings to eight classes of DC Trust 2024-HLTN, a CMBS single-borrower securitization.
  • The collateral for the transaction is a $229.7 million non-recourse, first lien mortgage loan that is expected to be originated by Morgan Stanley.
  • The fixed rate loan has a four-year term and requires monthly interest-only payments that will be based on an estimated coupon of 7.90%.
  • The mortgage loan will be secured by the borrower’s fee simple interest in the Washington Hilton, a 1,107-key full-service hotel located in Washington, DC, in the Dupont Circle neighborhood.

KBRA Assigns Preliminary Ratings to BBCMS 2024-5C25

Retrieved on: 
Tuesday, March 12, 2024
Banking, Professional Services, Finance, Shop, CMBS, KLTV, Probability, Staten Island Mall, KBRA

KBRA is pleased to announce the assignment of preliminary ratings to 13 classes of BBCMS 2024-5C25, an $886.4 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 38 properties.

Key Points: 
  • KBRA is pleased to announce the assignment of preliminary ratings to 13 classes of BBCMS 2024-5C25, an $886.4 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 38 properties.
  • The collateral properties are located throughout 19 MSAs, of which the three largest are New York (32.8%), Los Angeles (7.4%), and San Jose (7.1%).
  • The pool has exposure to all major property types, with four types representing more than 10.0% of the pool balance: retail (37.8%), multifamily (17.5%), lodging (16.4%), and office (11.2%).
  • KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 39.2% less than third party appraisal values.

KBRA Assigns Preliminary Ratings to BMO 2024-C8

Retrieved on: 
Monday, March 11, 2024
Banking, Professional Services, Finance, CMBS, KLTV, Probability, Danbury Fair (shopping mall), BMO, KBRA

KBRA is pleased to announce the assignment of preliminary ratings to 18 classes of BMO 2024-C8, a $683.4 million CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 65 properties.

Key Points: 
  • KBRA is pleased to announce the assignment of preliminary ratings to 18 classes of BMO 2024-C8, a $683.4 million CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 65 properties.
  • The collateral properties are located throughout 19 MSAs, of which the three largest are New York (17.2%), Atlanta (13.1%), and Chicago (11.4%).
  • The pool has exposure to all major property types, with three types representing more than 10.0% of the pool balance: retail (48.5%), multifamily (17.0%) and industrial (15.8%).
  • KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 39.2% less than third party appraisal values.

KBRA Assigns Preliminary Ratings to Benchmark 2024-V6

Retrieved on: 
Monday, March 11, 2024
Banking, Professional Services, Finance, Kenwood Towne Centre, Panorama Tower, CMBS, KLTV, Probability, KBRA, Telescopic sight

KBRA is pleased to announce the assignment of preliminary ratings to 13 classes of Benchmark 2024-V6, a $1.1 billion CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 62 properties.

Key Points: 
  • KBRA is pleased to announce the assignment of preliminary ratings to 13 classes of Benchmark 2024-V6, a $1.1 billion CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 62 properties.
  • The collateral properties are located throughout 18 MSAs, of which the three largest are New York (17.2%), Dallas – Fort Worth (10.4%), and Atlanta (8.7%).
  • The pool has exposure to all major property types, with five types representing more than 10.0% of the pool balance: office (23.5%), lodging (18.1%), retail (16.8%), mixed-use (14.3%), and multifamily (10.7%).
  • KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 39.1% less than third party appraisal values.

KBRA Assigns Preliminary Ratings to BX 2024-PAT

Retrieved on: 
Wednesday, February 28, 2024
Banking, Professional Services, Finance, Engineering, CMBS, Park Avenue Tower, BX, NCF, Methodology, KLTV, KBRA, Telescopic sight

KBRA announces the assignment of preliminary ratings to six classes of BX 2024-PAT, a CMBS single-borrower securitization.

Key Points: 
  • KBRA announces the assignment of preliminary ratings to six classes of BX 2024-PAT, a CMBS single-borrower securitization.
  • The loan has an initial two-year term with three, one-year extension options and requires monthly interest-only payments based on a SOFR cap of 5.00%.
  • The loan is secured by the borrowers’ fee simple interest in Park Avenue Tower, a 36-story, Class-A office tower containing 621,992 sf.
  • The building is located between Park and Madison Avenues and spans the entire block between 55th and 56th Streets in Midtown Manhattan.

KBRA Assigns Preliminary Ratings to BANK5 2024-5YR5

Retrieved on: 
Thursday, January 25, 2024
Banking, Professional Services, Finance, KBRA, CMBS, Tysons Corner Center, KLTV, Probability, Northern Virginia, Telescopic sight

KBRA is pleased to announce the assignment of preliminary ratings to 33 classes of BANK5 2024-5YR5, a $518.6 million CMBS conduit transaction collateralized by 24 commercial mortgage loans secured by 25 properties.

Key Points: 
  • KBRA is pleased to announce the assignment of preliminary ratings to 33 classes of BANK5 2024-5YR5, a $518.6 million CMBS conduit transaction collateralized by 24 commercial mortgage loans secured by 25 properties.
  • The collateral properties are located throughout 18 MSAs, of which the three largest are Los Angeles (14.3%), Washington - NoVA - MD (9.9%), and San Jose (9.6%).
  • The pool has exposure to each property type with three types representing more than 10.0% of the pool balance: retail (42.4%), office (17.6%), and mixed-use (14.2%).
  • KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 38.7% less than third party appraisal values.

KBRA Assigns Preliminary Ratings to BBCMS 2024-C24

Retrieved on: 
Wednesday, January 24, 2024
Professional Services, Finance, KBRA, CMBS, AutoNation, KLTV, Probability, Woodfield Mall, RTL

KBRA is pleased to announce the assignment of preliminary ratings to 15 classes of BBCMS 2024-C24, a $693.7 million CMBS conduit transaction collateralized by 34 commercial mortgage loans secured by 90 properties.

Key Points: 
  • KBRA is pleased to announce the assignment of preliminary ratings to 15 classes of BBCMS 2024-C24, a $693.7 million CMBS conduit transaction collateralized by 34 commercial mortgage loans secured by 90 properties.
  • The collateral properties are located throughout 30 MSAs, of which the three largest are Chicago (15.0%), Houston (11.3%), and Milwaukee (8.8%).
  • The pool has exposure to most major property types, with three types representing more than 10.0% of the pool balance: retail (43.0%), multifamily (28.0%), and office (14.3%).
  • KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 40.0% less than third party appraisal values.

KBRA Assigns Preliminary Ratings to BMO 2024-5C3

Retrieved on: 
Monday, January 22, 2024
Professional Services, Finance, KBRA, CMBS, Tysons Corner Center, KLTV, Probability, BMO, Northern Virginia

KBRA is pleased to announce the assignment of preliminary ratings to 12 classes of BMO 2024-5C3, a $902.2 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 55 properties.

Key Points: 
  • KBRA is pleased to announce the assignment of preliminary ratings to 12 classes of BMO 2024-5C3, a $902.2 million CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 55 properties.
  • The collateral properties are located throughout 20 MSAs, of which the three largest are New York (20.1%), Washington – NoVA – MD (8.2%), and New Orleans, LA (7.8%).
  • The pool has exposure to most property types, with three types representing more than 10.0% of the pool balance: retail (36.5%), multifamily (21.5%), and office (19.7%).
  • KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 37.5% less than third party appraisal values.