KBRA Affirms All Ratings for RCMT 2019-5
24 Jan 2025 | New York
KBRA affirms all ratings for all classes of RCMT 2019-5, a $103.6 million small balance commercial transaction. The affirmations follow a surveillance review of the transaction which has benefited from increases in credit enhancement levels due to deleveraging from amortization and loan payoffs. Since securitization, 60 loans have paid off (69.0% of the original pool balance). However, the pool has become more concentrated and nine of the remaining 34 loans are identified as K-LOCs (39.1% of the pool balance).
As of the December 2024 remittance period, there is one specially serviced asset (7.9% of the pool balance), which is performing matured. KBRA identified nine K-LOCs (39.1%), including the specially serviced asset. Of the K-LOCs, two(12.6%) have estimated losses. These include:
Five of the top 10 loans (31.7%):
- 900 Hilgard Avenue (largest, 7.9% of the pool balance, 44.0% loss severity)
- 308-310 West 21st Street (2nd largest, 7.8%)
- Riano aPodments (4th largest, 6.0%)
- Space Shop Woodruff Road (5th largest, 5.2%)
- Colorado Professional Bldg (6th largest, 4.7%, 26.1%)
The remaining four K-LOCs do not have estimated losses and represent 7.4% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 103.4% compared to 105.1% at last review and 103.0% at securitization. The KDSC is 1.12x compared to 1.12x at KBRA's last review and 1.16x at securitization.
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