KBRA Affirms All Ratings for MAD 2015-11MD
28 Jun 2024 | New York
KBRA affirms all of its outstanding ratings for MAD 2015-11MD, a CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight improvement in property performance since last review and issuance. However, the magnitude of the change in performance does not warrant rating adjustments at this time.
The transaction collateral is a single, non-recourse, first lien mortgage loan secured by the borrower’s fee simple and leasehold interests in 11 Madison Avenue, a 2.4 million square foot, Class-A office building in Manhattan. The whole loan has an outstanding principal balance of $1.1 billion ($454 per sf) as of June 2024, of which $708.2 million ($299 per sf) is trust collateral.
The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $109.3 million and a KBRA value of $1.5 billion. The resulting in-trust KLTV is 71.3% compared to 75.8% at last review and 72.2% at securitization. KBRA maintains a KPO of Perform on the loan.
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