KBRA Affirms All Ratings for Benchmark 2019-B10
4 Apr 2025 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2019-B10, a $985.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization due to the addition of specially serviced assets and K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the March 2025 remittance report, there are six specially serviced assets (20.0% of the pool balance), which include one REO asset (0.8%), one loan in foreclosure (1.9%), two delinquent loans (5.6%), and two current loans (11.6%). KBRA identified 11 K-LOCs (32.7%), including the special serviced assets. Of the K-LOCs, three (3.9%) have estimated losses. These include four top 10 loans:
- 3 Park Avenue (2nd largest, 6.1% of the pool balance)
- Saint Louis Galleria (3rd largest, 6.0%)
- 9800 Wilshire (4th largest, 5.6%)
- Flight (10th largest, 3.0%)
Three K-LOCs have estimated losses:
- 66 Geary Street (1.9% of the pool balance, 59.7% estimated loss severity)
- Meridian Tower (1.2%, 3.6%)
- 116 University Place (0.8%, 84.2%)
The remaining four K-LOCs do not have estimated losses and represent 8.1% of the pool.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 107.8%, in line with last review and compared to 95.9% at issuance. The KDSC is 1.58x, compared to 1.57x at last review and 1.79x at issuance.
To access ratings and relevant documents, click here.
Click here to view the report.