KBRA Affirms All Ratings for BMO 2023-C6
29 Aug 2024 | New York
KBRA affirms all of its outstanding ratings for BMO 2023-C6, a $603.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization including the addition of specially serviced loans and K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the August 2024 remittance period, there are four specially serviced assets (9.7% of the pool balance), which is relatively high for a conduit that is seasoned for only one year. The specially serviced assets include two (1.6%) that are 90+ days delinquent. KBRA identified five K-LOCs (10.5%), including the specially serviced assets, none of which have estimated losses. These include:
Two Top 10 loans (8.2%):
- Maple Creek Village (6th largest, 4.7% of the pool balance)
- Cincinnati Multifamily Portfolio II (10th largest, 3.5%)
The transaction’s WA KLTV is 86.4%, compared to 85.7% at securitization. The WA KDSC is 1.58x, compared to 1.59x at securitization.
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