KBRA Upgrades Five Ratings and Affirms All Other Ratings for CPTS 2019-CPT
5 Nov 2026 | New York
KBRA upgrades the ratings of five classes and affirms its remaining outstanding ratings for CPTS 2019-CPT, a CMBS single-asset single-borrower transaction. The rating changes follow a surveillance review of the transaction which has exhibited improved performance since securitization, primarily as a result of recent leasing. In addition, the ratings reflect the high quality of the asset, the strength of the property’s submarket, and the experience of the sponsors.
The transaction collateral is a single, non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in Century Plaza Towers, twin Class-A office buildings totaling 2.4 million square feet located in the Century City neighborhood of Los Angeles, California. The trust loan has an outstanding principal balance of $825.0 million ($344 per sf) as of the October 2026 remittance date and is part of a $1.2 billion whole loan. The sponsor is a 50/50 partnership between JP Morgan Asset Management’s (JPMAM) Strategic Property Fund and a joint venture between an institutional account managed by Hines and a subsidiary of Hines Investment Management Holdings LP.
KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $133.4 million and a KBRA value of $1.66 billion ($692 per sf). The resulting KLTV is 72.2%, a change from 83.4% at last review and 86.4% at issuance. KBRA maintains a KPO of Perform for the loan.
Details concerning the classes with rating changes are as follows:
- Class B to AAA (sf) from AA+ (sf)
- Class C to AA+ (sf) from A+ (sf)
- Class D to AA- (sf) from BBB+ (sf)
- Class E to A- (sf) from BBB- (sf)
- Class F to BBB+ (sf) from BB+
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