KBRA Assigns Preliminary Ratings to ROCK 2024-CNTR
15 Oct 2024 | New York
KBRA announces the assignment of preliminary ratings to five classes of ROCK 2024-CNTR, a CMBS single-borrower securitization.
The collateral for the transaction is a $3.4 billion portion of a $3.5 billion fixed rate, interest-only mortgage loan. The loan is secured by the borrowers’ fee simple and partial leasehold interests in Rockefeller Center, a 7.2 million sf, Class-A mixed-use office and retail complex located in Midtown Manhattan, as well as a first priority pledge of equity interests in affiliates of the borrower that operate the various amenities and attractions at the property. As of July 2024, the property was 92.6% leased to over 400 tenants.
KBRA’s analysis of the transaction included a detailed evaluation of the properties’ cash flows using our North American CMBS Property Evaluation Methodology and the application of our North American CMBS Single Borrower & Large Loan Rating Methodology. In addition, KBRA also relied on its Global Structured Finance Counterparty Methodology for assessing counterparty risk in this transaction and its ESG Global Rating Methodology, to the extent deemed applicable.
The results of our analysis yielded a KBRA net cash flow (KNCF) of approximately $273.6 million, which is 18.6% below the issuer’s NCF, and a KBRA value of approximately $3.73 billion, which is 38.9% below the appraiser’s as-is value. The resulting in-trust KBRA Loan to Value (KLTV) is 93.9%. In our analysis of the transaction, we also reviewed and considered third party engineering, environmental, and appraisal reports, the result of our site inspection, and legal documentation review.
To access rating and relevant documents, click here.
Click here to view the report.