KBRA Affirms All Ratings for GSMS 2019-GC38
3 Jan 2025 | New York
KBRA affirms all of its outstanding ratings for GSMS 2019-GC38, a $666.6 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 December 2024 remittance period, there is one specially serviced loan (5.1% of the pool balance) that is delinquent by less than 30 days.
KBRA identified seven K-LOCs (17.5%), two of which (5.3%) have estimated losses. This includes:
One top 10 loan:
- 3 Park Avenue (7th largest, 5.1%)
Two K-LOCs have estimated losses:
- 5444 & 5430 Westheimer (3.2%, 36.6% estimated loss severity)
- Fairbridge Office Portfolio (2.1%, 24.6%)
The remaining four K-LOCs represent 7.1% of the pool and do not have estimated losses at this time.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 95.8%, compared to 98.0% at last review and 95.4% at securitization. The KDSC is 1.97x, compared to 1.92x at last review and securitization.
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