Press Release|CMBS
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KBRA Affirms All Outstanding Ratings for DBWF 2016-85T

30 Jul 2025   |   New York

Contacts

KBRA affirms all outstanding ratings for DBWF 2016-85T, a CMBS single-asset single-borrower transaction. The rating actions follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA's last ratings change in July 2024.

The transaction collateral is a $271.0 million portion of a $396.0 million, non-recourse first-lien mortgage loan. The whole mortgage loan is represented by six senior pari passu A notes totaling $255.0 million and two subordinate B notes totaling $141.0 million. The trust collateral includes two senior pari passu A notes totaling $130.0 million and the two subordinate B notes.

The loan is collateralized by the borrower’s fee simple interest in an 11-story, 639,389-sf Class-A office building located at 85 Tenth Avenue between West 15th Street and West 16th Street, in the Manhattan borough of New York City.

The review utilized information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $27.5 million and a KBRA value of $367.3 million ($581 per sf). The resulting in-trust KLTV of 107.8% is in line with last review (110.2%) and up from 83.9% at securitization. KBRA maintains a KPO of Underperform on the loan due to a decline in occupancy and financial performance since issuance.

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: 1010610