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KBRA Affirms All Ratings for 280 Park Avenue 2017-280P

16 Sep 2025   |   New York

Contacts

KBRA affirms all outstanding ratings for 280 Park Avenue 2017-280P, a $1.1 billion CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a decline in KNCF and KBRA value since issuance. However, the magnitude of the change does not warrant rating adjustments at this time. The affirmations reflect the high quality of the collateral asset and experience of the sponsor. KBRA also considered the loan modification and maturity extension, and the property’s low near-term lease rollover exposure.

The transaction collateral is a non-recourse, first-lien mortgage loan secured by the borrower’s fee simple interest in a 1.3 million-sf Class-A office property at 280 Park Avenue between East 48th and East 49th Streets in the Plaza District of New York City’s Manhattan borough. The loan’s sponsor is owned through affiliates of SL Green Realty Corp. (50.0% ownership) and Vornado Realty Trust (50.0%). The floating-rate loan has an outstanding principal balance of $1.075 billion ($853 per sf) as of the August 2025 remittance period.

The loan’s original fully extended maturity date was September 9, 2024, but the loan was modified in April 2024, extending maturity to September 2026. The modification provides for two additional extension options, subject to certain conditions,including paying down the loan balance. The new fully extended maturity is in September 2028.

The review utilized information from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $65.8 million and a KBRA value of $917.0 million ($728 per sf). The resulting in-trust KLTV is 117.2%, compared to 122.3% at last review and 103.0% at securitization. KBRA maintains the loan’s K-LOC designation and its KPO of Underperform.

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: 1011321