KBRA Affirms All Outstanding Ratings for CD 2017-CD5
12 Jul 2024 | New York
KBRA affirms all of its outstanding ratings for CD 2017-CD5, an $806.4 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.
As of the June 2024 remittance period, there are no delinquent or specially serviced loans; however, KBRA identified six KLOCs (18.1%). This includes two of the top 10 loans:
- Olympic Tower (2nd largest, 7.4% of pool balance)
- 501 Riverside Avenue (9th largest, 3.7%)
One K-LOC has an estimated loss:
- Gurnee Mills (2.3% of pool balance, 27.0% estimated loss severity)
The remaining three K-LOCs do not have estimated losses and represent 4.7% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 84.1%, compared to 86.1% at last review and 92.2% at securitization. The KDSC is 2.21x, compared to 2.19x at last review and 2.06x at securitization.
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