KBRA Affirms Rating for BAMLL 2018-PARK
30 Aug 2024 | New York
KBRA affirms its outstanding rating for BAMLL 2018-PARK, a CMBS SASB transaction. The affirmation follows a surveillance review of the transaction, which has exhibited an increase in KLTV since last review and securitization, however, the magnitude of the change does not warrant a rating adjustment at this time.
The trust collateral is a non-recourse first-lien mortgage loan secured by the borrower’s fee simple interest in a 48-story, 1.3 million square foot (sf), Class-A office building at 101 Park Avenue in Manhattan. The loan has an outstanding principal balance of $365.0 million ($284 per sf) as of August 2024 and does not include any additional senior or subordinate debt. The loan sponsor is Peter S. Kalikow, president of HJ Kalikow & Co., a New York City-based commercial real estate investment firm.
KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $40.3 million and a KBRA value of $537.5 million ($419 per sf). The resulting KLTV of 67.9% is up from 64.4% at last review and 55.0% at issuance. KBRA revised its KPO to Underperform from Perform based on the decrease in KNCF and value.
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