KBRA Assigns Preliminary Ratings to Greystone 2024-HC3
21 Feb 2024 | New York
KBRA is pleased to announce the assignment of preliminary ratings to eight classes of Greystone 2024-HC3, a managed CRE CLO securitization with the ability to reinvest principal proceeds for 24 months including a 180-day ramp-up period.
The transaction will initially be collateralized by 20 healthcare mortgage loans with an aggregate cutoff date in-trust balance of $350.9 million, $46.3 million of cash collateral for the anticipated acquisition of two pre-identified assets, and $27.8 million of cash collateral for additional ramp collateral. Additionally, the transaction provides the sponsor with the ability to effectuate significant modifications to performing loans, as well as buy out defaulted and credit risk assets. All of the loans are secured by healthcare properties.
This transaction also includes an interest coverage (IC) test and a par value (overcollateralization, or OC) test. If either test is not satisfied on any determination date, on the following payment date, interest proceeds remaining after interest is paid to the Class E notes will be used to pay down the principal balances of the Class A through E notes in sequential order until the tests are satisfied, or the Class A through E notes are paid in full.
To access rating and relevant documents, click here.
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