KBRA Affirms All Ratings for BANK 2019-BNK23
8 Nov 2024 | New York
KBRA affirms all of its outstanding ratings for BANK 2019-BNK23, a $1.3 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization, including an increase in estimated losses. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the October 2024 remittance period, there are two specially serviced assets (2.9%), both of which are 90+ days delinquent, one of which (1.9%) transferred after the October 2024 remittance date and will be reflected in the November 2024 remittance. KBRA identified seven K-LOCs (10.7% of the pool balance). These include one top 10 loan (5.1%):
- Norwalk Government Center (6th largest, 5.1%)
Two K-LOCs have estimated losses (1.9%):
- 1 Plaza La Prensa & Sena Plaza (1.0%, 65.6% estimated loss severity)
- 2700 Patriot Boulevard (0.9%, 16.3%)
The remaining four K-LOCs do not have estimated losses and represent 3.7% of the pool.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 92.3%, compared to 97.1% at last review and 94.0% at securitization. The WA KDSC is 2.55x, compared to 2.45x at last review and 2.55x at securitization.
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