Press Release|CMBS

KBRA Affirms All Ratings for DOLP 2021-NYC

19 Apr 2024   |   New York


KBRA affirms all of its outstanding ratings for DOLP 2021-NYC, a $1.1 billion CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has experienced stable performance since securitization.

The loan is secured by the borrowers’ fee simple interests in 1133 Avenue of the Americas and 114 West 47th Street, a pair of Class-A office towers located three blocks from each other within Midtown neighborhood of Manhattan, New York. The whole mortgage loan is represented by three pari-passu A notes totaling $1.1 billion, all of which are trust collateral. The loan sponsor is the Durst Organization.

The review utilized information obtained from the trustee and servicer to analyze the collateral. The analysis produced a KNCF of $69.8 million and a KBRA value of $997.6 million. The resulting in-trust KLTV is 110.3%, compared to 110.0% at last review and 109.0% at securitization. KBRA maintains a KPO of Perform for the loan.

To access rating and relevant documents, click here.

Click here to view the report.

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Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004013

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