KBRA Affirms All Ratings for One Bryant Park Trust 2019-OBP
7 Aug 2024 | New York
KBRA affirms all of its outstanding ratings for One Bryant Park Trust 2019-OBP, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization. In addition, the ratings affirmations also reflect the high quality of the asset and the experience of the sponsors.
The transaction collateral consists of a $950.0 million non-recourse, first lien mortgage loan that is cross defaulted with a $650.0 million subordinate, tax-exempt Liberty Bonds Loan that is held in a separate trust. The loans are secured by the borrower's leasehold interest in a 2.4 million sf office property at One Bryant Park, New York, also known as The Bank of America Tower. The building was constructed in 2009 by affiliates of the sponsors, The Durst Organization and Bank of America. The building consists of 2.1 million sf of office space, 132,563 sf of below grade cellar space, 56,772 sf of theatre space and 49,288 sf of retail space.
KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $129.7 million and a KBRA value of $1.9 billion ($815 per sf). The resulting all-in KLTV, inclusive of the Liberty Bonds Loan, is 83.3%, compared to 85.4% at last review and 83.0% at securitization. KBRA maintains a KPO of Perform on the loan. In completing the analysis, KBRA also considered the structure of the subordinate Liberty Bonds Loan that serves as collateral for the tax-exempt Liberty Bonds.
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