KBRA Affirms All Ratings for Benchmark 2020-B19
6 Sep 2024 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2020-B19, a $1.1 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization, including an increase in estimated losses. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the August 2024 remittance period, there is one specially serviced loan (1.1% of the pool balance) which is REO. KBRA identified four K-LOCs (10.9%), including the specially serviced asset. The K-LOCs include:
One top 10 loan:
- 333 South Wabash (8th largest, 4.6%)
Two K-LOCs with estimated losses:
- Bridgewater Place (3.4%, 17.1% estimated loss severity)
- Brass Professional Center (1.1%, 43.0%)
The remaining K-LOC does not have an estimated loss and represents 1.8% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 94.0%, compared to 91.1% at last review and 92.0% at securitization. The KDSC is 2.67x, compared to 2.84x at last review and 2.77x at securitization.
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