KBRA Affirms All Ratings for PFP 2023-10
31 Jul 2024 | New York
KBRA affirms all of its outstanding ratings for PFP 2023-10, a CRE CLO transaction with limited loan acquisition ability. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.
At the time of this review, the total collateral balance is $901.7 million, which is comprised of 25 first mortgage loans secured by 29 properties and $19,000 of cash collateral. During the 24-month period post-closing, the transaction permits reinvestment of certain proceeds for the acquisition of future funded companion loan participations related to the transaction’s existing collateral.
As of the July 2024 remittance period, there are no delinquent or defaulted loans and no loans have been identified as K-LOCs. The transaction’s WA KLTV is 116.4%, compared to 118.0% at securitization. The KDSC at Index Cap is 0.87x, compared to 0.86x at closing. The overcollateralization and interest coverage tests have each been satisfied during each distribution date since issuance.
At securitization, 19 loans (68.4% of the pool) had a related pari passu unfunded future advance obligation. There are currently 18 loans (63.4%) with remaining future funding totaling $109.1 million.
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