KBRA Assigns Rating to LV Trust 2024-SHOW
18 Oct 2024 | New York
KBRA announces the assignment of a rating to one class of LV Trust 2024-SHOW, a CMBS single-borrower securitization.
The collateral for the transaction is an $850.0 million non-recourse, first lien mortgage loan. The fixed rate loan has a five-year term and requires monthly interest-only payments based on a coupon of 5.665%. The loan is secured by the borrowers’ fee simple interest in Fashion Show Mall, a 1.9 million sf enclosed super-regional mall located on the Strip in Las Vegas, Nevada, of which 1.7 million sf serves as collateral for the subject loan. As of July 2024, the space serving as collateral was 98.9% leased to over 200 unique tenants.
KBRA’s analysis of the transaction included a detailed evaluation of the property’s cash flows using our North American CMBS Property Evaluation Methodology, and the application of our North American CMBS Single Borrower & Large Loan Rating Methodology. In addition, KBRA also relied on its Global Structured Finance Counterparty Methodology for assessing counterparty risk in this transaction, and its ESG Global Rating Methodology, to the extent deemed applicable.
The results of our analysis yielded a KBRA net cash flow (KNCF) for the property of approximately $80.9 million, which is 7.5% below the issuer’s NCF, and a KBRA value of approximately $1.1 billion, which is 36.8% below the appraiser’s as-is value. The resulting in-trust KBRA Loan to Value (KLTV) is 78.8%. In our analysis of the transaction, we also reviewed and considered third party engineering, environmental, and appraisal reports, the results of our site inspection of the property, and legal documentation review.
To access ratings and relevant documents, click here.
Click here to view the report.