KBRA Affirms All Ratings for MSCI 2015-420
31 Jan 2025 | New York
KBRA affirms its outstanding ratings for MSCI 2015-420, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a stable performance since last review. The KLTV has improved since securitization due to amortization.
The transaction collateral is a single, non-recourse, first lien mortgage loan secured by the borrower’s leasehold interest in a 1.5 million sf, Class-A office building. The property is located at 420 Lexington Avenue in the Grand Central District of New York City’s Manhattan borough. The loan has an outstanding trust balance of $222.3 million ($148 per sf) as of the January 2025 remittance date. The loan is with the master servicer and is paid current in January. The loan sponsor is an affiliate of SL Green Realty Corporation.
The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $27.6 million and a KBRA value of $344.4 million ($231 per sf). The resulting in-trust KLTV is 64.6%, compared with 64.8% at last review and 72.3% at securitization. KBRA maintains a KPO of Perform on the loan.
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Related Publication
Methodologies
- CMBS: North American CMBS Property Evaluation 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