KBRA Assigns Preliminary Ratings to FIVE 2023-V1
KBRA is pleased to announce the assignment of preliminary ratings to 13 classes of FIVE 2023-V1, a $765.5 million CMBS conduit transaction collateralized by 26 commercial mortgage loans secured by 43 properties.
- KBRA is pleased to announce the assignment of preliminary ratings to 13 classes of FIVE 2023-V1, a $765.5 million CMBS conduit transaction collateralized by 26 commercial mortgage loans secured by 43 properties.
- It is the first CMBS 2.0 conduit transaction that is collateralized solely by loans with five-year terms.
- The collateral properties are located throughout 18 MSAs, of which the three largest are New York (15.1%), Los Angeles (13.5%), and Long Island (9.8%).
- KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 41.1% less than third party appraisal values.