KBRA Affirms All Ratings for HLTN 2024-DPLO
6 Jun 2025 | New York
KBRA affirms all ratings for HLTN 2024-DPLO, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization in June 2024.
The transaction collateral is a non-recourse, first lien mortgage loan secured by the borrower’s fee simple interests in the Diplomat Beach Resort, a 1,000 key, 39-story full-service luxury beachfront hotel and resort located in Hollywood, Florida. The loan has an outstanding balance of $452.0 million ($452,000 per key). There is also a $123.0 million mezzanine loan outstanding. The floating-rate loan has a two-year initial term with three 12-month extension options and requires monthly interest-only payments based on one-month Term SOFR plus a spread of 3.10%. The sponsors are affiliates of Trinity GP Fund I L.P. and Credit Suisse Affiliates.
The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $43.0 million and a KBRA value of $440.7 million ($440,700 per key), resulting in an in-trust KLTV of 102.6%, a decrease from 102.9% at issuance. KBRA assigns a KPO of Perform on the loan.
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