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KBRA Downgrades Five Ratings and Affirms All Other Ratings for CF 2019-CF3

14 Nov 2025   |   New York

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KBRA downgrades the ratings of five classes of certificates and affirms all other outstanding ratings for CF 2019-CF3, a $735.0 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since KBRA's last ratings change in November 2024 due to an increase in estimated losses from two top 10 K-LOCs (7.3% of the pool balance).

As of the October 2025 remittance period, there are two specially serviced assets (7.3%) which are both in foreclosure. KBRA identified nine K-LOCs (22.4%), including the specially serviced assets. Of the K-LOCs, five (9.4%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 5 DC Mixed Use Portfolio VI MU $33,846 4.6% N 30+ N Delinquent 01/08/2025 - - 6 Wells Fargo Place OF $30,000 4.1% N C N DSCR 03/07/2024 - - 7 225 Bush OF $28,600 3.9% Y FCL N Specially Serviced 03/30/2022 $12,107 42.3% 13 Gold Brooklyn Multifamily Portfolio MF $24,800 3.4% Y FCL N Specially Serviced 06/03/2020 $10,288 41.5% 11 Park Central Tower OF $23,275 3.2% N C N Occupancy 01/04/2023 - - 27 4800 North Point Parkway OF $8,478 1.2% N C N Occupancy 07/30/2024 $641 7.6% 31 545 & 547 West 20th Street RT $8,000 1.1% N C N Lease Rollover 08/06/2025 - - 41 3825 Georgia Apartments MF $5,400 0.7% N C N Recent Delinquency 02/08/2024 $600 11.1% 48 Shafer Terrace MHP MH $1,998 0.3% N C N DSCR 01/09/2025 $301 15.1% Total K-LOCs $164,397 22.4% $23,938 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 93.8%, compared to 94.4% at KBRA's last ratings change in November 2024 and 95.5% at securitization. The KDSC is 2.53x, compared to 2.54x at KBRA's last ratings change and 2.53x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class E to BB (sf) from BBB- (sf)
  • Class F-RR to B- (sf) from BB (sf)
  • Class G-RR to CCC (sf) from B (sf)
  • Class H-RR to CCC- (sf) from CCC (sf)
  • Class X-D to BB (sf) from BBB- (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1012300

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