KBRA Downgrades Four Ratings and Affirms All Other Ratings for CF 2019-CF1
11 Apr 2025 | New York
KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings of CF 2019-CF1, a $641.7 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in KBRA's estimated losses since last review and securitization.
As of the March 2025 remittance period, there is one specially serviced loan (6.2% of the pool balance). KBRA identified five K-LOCs (23.3%), including the specially serviced asset.
The K-LOCs include three top 10 loans (19.6%):
- 625 North Michigan Avenue (largest, 7.9% of the pool balance, 36.8% estimated loss severity)
- 65 Broadway (4th largest, 6.2%)
- AC by Marriott San Jose (6th largest, 5.5%)
One additional K-LOC has an estimated loss:
- 394 Broadway (2.9%, 8.8%)
The remaining K-LOC represents 0.8% of the pool balance and does not have an estimated loss.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 96.1%, compared to 97.9% at last review and 93.8% at securitization. The KDSC is 1.86x, compared to 1.79x at last review and 1.91x at securitization.
Details concerning the classes with rating changes are as follows:
- Class F to B (sf) from BB (sf)
- Class G to CCC (sf) from B (sf)
- Class X-F to B (sf) from BB (sf)
- Class X-G to CCC (sf) from B (sf)
To access ratings and relevant documents, click here.
Click here to view the report.