KBRA Affirms All Ratings for BBCMS 2019-C5
8 Nov 2024 | New York
KBRA affirms all of its outstanding ratings for BBCMS 2019-C5, a $913.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an increase in K-LOCs since last review. However, the magnitude of the increase does not warrant rating changes at this time.
As of the October 2024 remittance period, there is one specially serviced asset (3.7% of the pool balance). KBRA identified six K-LOCs (15.9%), including the specially serviced asset. Of the K-LOCs, one loan (1.8%) has an estimated loss. The K-LOCs include:
Three of the top 10 loans (12.0%), none of which have estimated losses:
- NEMA San Francisco (4th largest, 4.4%)
- Uline Arena (6th largest, 3.9%)
- 765 Broad Street (9th largest, 3.7%)
One other K-LOC has an estimated loss:
- Scottsdale Gateway II (1.8% of the pool balance, 7.4% estimated loss severity)
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 95.9%, compared to 96.2% at last review and 98.2% at securitization. The KDSC is 2.28x, compared to 2.32x at last review and 2.25x at securitization.
To access ratings and relevant documents, click here.
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