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KBRA Affirms All Ratings for 1211 Avenue of the Americas Trust (AOTA) 2015-1211

26 Mar 2026   |   New York

Contacts

KBRA affirms all outstanding ratings for 1211 Avenue of the Americas Trust (AOTA) 2015-1211, a CMBS SASB transaction. The rating actions follow a surveillance review of the transaction, which has performed generally in line with KBRA’s last ratings change in March 2025.

The transaction collateral is a non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in a 45-story, 2.0 million sf Class-A office building at 1211 Avenue of the Americas between 47th and 48th Streets in Manhattan. The 10-year interest-only loan has an outstanding balance of $1.0 billion ($531 per sf) as of March 2026. It matured in August 2025 and was modified and extended to August 2028. The loan sponsors are Ivanhoé Cambridge Inc. and RXR.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $77.0 million and a value of $946.0 million ($469 per sf). The resulting in-trust KLTV is 109.4%, compared to 113.0% at last review and 82.0% at securitization. Based on declines in occupancy and KNCF since securitization, along with upcoming lease rollover, KBRA maintains the loan’s K-LOC status and its KPO of Underperform.

To access ratings and relevant documents, click here.

Click here to view the report.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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