KBRA Affirms All Ratings for GSMS 2019-GC39
2 May 2025 | New York
KBRA affirms all of its outstanding ratings for GSMS 2019-GC39, a $645.9 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the April 2025 remittance period, there is one specially serviced loan (2.3% of total pool balance) in the pool, which is in foreclosure.
KBRA identified four K-LOCs (10.5%), two of which (4.9%) have estimated losses. These include:
Two top 10 loans:
- Garfield Apartments (7th largest, 3.6%)
- Tulsa Office Portfolio (10th largest, 2.6%, 33.8% estimated loss severity)
One other loan with an estimated loss:
- 57 East 11th Street (2.3%, 73.1%)
The remaining K-LOC represents 2.0% of the pool.
Excluding the K-LOCs with losses, the transaction’s weighted average WA KLTV is 99.4% as compared to 104.3% at last review and 93.5% at securitization. The WA KDSC is 1.78x as compared to 1.77x at last review and 1.98x at securitization.
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