KBRA Affirms All Ratings for CFCRE 2016-C3
10 Jan 2025 | New York
KBRA affirms all of its outstanding ratings for CFCRE 2016-C3, a $589.4 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in credit performance since issuance. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the December 2024 remittance report, there are no delinquent or specially serviced loans; however, KBRA identified seven K-LOCs (17.3% of the pool balance). Of the K-LOCs, two (12.1%) have estimated losses. The K-LOCs include two top 10 loans:
- Empire Mall (2nd largest, 7.6% of the pool balance, 29.8% estimated loss severity)
- Springfield Mall (5th largest, 4.6%, 12.4%)
The remaining five K-LOCs do not have estimated losses and represent 5.1% of the pool.
Excluding K-LOCs with estimated losses, the transaction's WA KLTV is 91.1%, compared to 96.5% at last review and 102.7% at issuance. The KDSC is 1.73x, compared to 1.69x at last review and 1.65x at issuance.
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Click here to view the report.