KBRA Affirms Ratings for All Classes of CPTS 2019-CPT

KBRA affirms its outstanding ratings for CPTS 2019-CPT, a CMBS single-asset single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization. In addition, the ratings affirmations also reflect the high quality of the asset and the experience of the sponsors.

The transaction collateral is a single, non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in Century Plaza Towers, twin Class-A office buildings totaling 2.4 million square feet located in the Century City neighborhood of Los Angeles, California. The trust loan has an outstanding principal balance of $825.0 million ($344 per sf) as of the October 2024 remittance date and is part of a $1.2 billion whole loan. The loan's sponsor is a 50/50 partnership between JP Morgan Asset Management’s (JPMAM) Strategic Property Fund and a joint venture between an institutional account managed by Hines and a subsidiary of Hines Investment Management Holdings LP.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $108.0 million and a KBRA value of $1.37 billion ($570 per sf). The resulting KLTV is 87.7%, a change from 90.0% at last review and 86.4% at issuance. KBRA maintains a KPO of Perform on the loan.

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