KBRA Affirms All Ratings for WFCM 2019-C51
16 May 2024 | New York
KBRA affirms all of its outstanding ratings for WFCM 2019-C51, a $648.8 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization, including three of the top five loans being identified as K-LOCs. However, the magnitude of the changes does not warrant rating adjustments at this time.
As of the April 2024 remittance period, none of the loans are specially serviced or delinquent. However, KBRA identified five K-LOCs (23.9% of the pool balance), one of which has an estimated loss. These include three of the top 10 loans (21.1%):
- 188 Spear Street (2nd largest, 7.2% of the pool balance, 10.2% estimated loss severity)
- 450-460 Park Avenue South (3rd largest, 6.9%)
- El Con Center (4th largest, 6.9%)
The remaining two K-LOCs represent 2.8% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 106.3%, compared to 107.9% at last review and 100.8% at securitization. The KDSC is 1.68x, consistent with last review and down from 1.80x at securitization.
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