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KBRA Affirms All Ratings for GSMS 2017-485L

31 Jan 2025   |   New York

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KBRA affirms its outstanding ratings for GSMS 2017-485L, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a decline in performance since securitization. However, the magnitude of the change in KBRA value and KLTV does not warrant rating adjustments at this time. The affirmations also consider the quality, favorable location and institutional sponsorship of the collateral property.

The transaction collateral is a non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in 485 Lexington Avenue, a 32-story, 935,452 sf, Class-A, office building located in the Midtown neighborhood of New York City’s borough of Manhattan. The principal balance for this transaction is $350.0 million as of the January 2025 remittance period. The fixed rate, interest-only loan has a loan term of 10 years with a maturity date in February 2027. The loan sponsor is an affiliate of SL Green Realty Corp. (NYSE: SLG), a REIT.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $26.2 million and a KBRA value of $349.0 million ($373 per sf). The resulting in-trust KLTV is 100.3%, compared to 104.7% at last review and 80.5% at securitization. KBRA maintains a KPO of Underperform for the loan due to the decline in financial performance since securitization.

To access ratings and relevant documents, click here.

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Disclosures

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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1007819

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