KBRA Affirms All Ratings for Shops at Crystals 2016-CSTL
24 Apr 2024 | New York
KBRA affirms all of its outstanding ratings for the Shops at Crystals 2016-CSTL, a $300.0 million CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited improved performance since issuance. However, the magnitude of the changes does not warrant rating adjustments at this time.
The transaction collateral consists of a single, non-recourse first mortgage loan secured by the borrower’s fee simple interest in The Shops at Crystals, a 262,327 sf luxury shopping center located on the Las Vegas Strip in Las Vegas, Nevada. The loan sponsors are subsidiaries of Simon Property Group, L.P. (SPG LP) and Invesco Core Real Estate-USA, L.P. (Invesco). The trust collateral consists of a $300.0 million portion of a $550.0 million interest-only, first lien mortgage loan. The whole mortgage loan is represented by 11 pari passu senior A notes and 20 subordinate notes. The trust collateral includes three of the senior A notes totaling $112.0 million and 12 subordinate notes totaling $188.0 million.
KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $49.4 million and a KBRA value of $681.4 million ($2,598 per sf). The resulting KLTV is 80.7%, compared to 83.1% at last review and 84.1% at securitization. KBRA maintains a KPO of Perform on the loan.
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