KBRA Affirms All Ratings for FIVE 2023-V1
28 Feb 2025 | New York
KBRA affirms all of its outstanding ratings for FIVE 2023-V1, a $696.9 million five-year CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since last review.
As of the February 2025 remittance period, two loans (3.3%) are 30 days delinquent and there are no specially serviced loans; however, KBRA identified six K-LOCs (14.9%), none of which have estimated losses. These include:
Two top 10 loans:
- 575 Broadway (7th largest, 5.3%)
- Metroplex (10th largest, 3.6%)
The remaining four K-LOCs represent 6.0% of the pool balance.
The transaction's WA KLTV is 94.2%, compared to 91.1% at last review and 90.1% at securitization. The WA KDSC is 1.59x, compared to 1.62x at last review and 1.58x at securitization.
To access ratings and relevant documents, click here.
Click here to view the report.
Related Publication
Methodologies
- CMBS: North American CMBS Property Evaluation Methodology
- CMBS: North American CMBS Multi-Borrower Rating Methodology
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology