KBRA Affirms All Ratings for CSMC 2016-NXSR
6 Dec 2024 | New York
KBRA affirms all of its outstanding ratings for CSMC 2016-NXSR, a $483.4 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since KBRA’s last ratings change in December 2020.
As of the November 2024 remittance report, there are three specially serviced assets (5.7% of the pool balance), which include one REO asset (1.7%), one loan in foreclosure (0.8%), and one delinquent loan (3.1%). KBRA identified seven K-LOCs (28.2%) including the specially serviced loans. These include three top 10 loans:
- Gurnee Mills (2nd largest, 11.6% of the pool balance, 17.2% estimated loss severity)
- Wolfchase Galleria (5th largest, 5.8%, 33.2%)
- Great Falls Marketplace (9th largest, 3.8%)
Two other K-LOCs have estimated losses:
- 681 Fifth Avenue (3.1%, 61.4%)
- Best Western O'Hare (1.7%, 64.1%)
The remaining two K-LOCs do not have estimated losses and represent 2.0% of the pool.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 89.6%, compared to 98.2% at last review and 104.9% at KBRA's last ratings change in December 2020. The KDSC is 1.82x, compared to 1.77x at last review and 1.61x at KBRA's last ratings change.
To access ratings and relevant documents, click here.
Click here to view the report.
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Methodologies
- CMBS: North American CMBS Property Evaluation Methodology
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: North American CMBS Multi-Borrower Rating Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology