KBRA Affirms All Ratings for WFCM 2017-C41
11 Oct 2024 | New York
KBRA affirms all of its outstanding ratings for WFCM 2017-C41, a $721.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight improvement in pool performance since KBRA's last rating change in January 2021 primarily due to a decline in delinquent and specially serviced assets. However, the level of K-LOCs remains relatively elevated.
As of the September 2024 remittance period, there are no delinquent or specially serviced assets; however, KBRA identified 11 K-LOCs (28.7% of the pool balance). Of the K-LOCs, five (10.4%) have estimated losses. The K-LOCs include:
Three of the top 10 loans (12.7%):
- Headquarters Plaza (largest, 6.9%)
- One Century Place (7th largest, 3.1%)
- 777 Township Line Road (10th largest, 2.7% of the pool balance, 15.9% estimated loss severity)
Four other K-LOCs (7.7%) have estimated losses:
- Corporate Center I & III (2.5, 4.4%)
- 100-102 Forsyth Street (2.2%, 12.7%)
- Columbia Park Shopping Center (1.8%, 6.0%)
- 444-446 86th Street (1.2%, 13.8%)
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 108.4%, compared to 114.0% at KBRA’s last rating change and 102.6% at securitization. The KDSC is 1.59x, compared to 1.54x at KBRA’s last rating change and 1.72x at securitization.
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