KBRA Assigns Preliminary Ratings to PFP 2024-11
22 Jul 2024 | New York
KBRA is pleased to announce the assignment of preliminary ratings to eight classes of PFP 2024-11, a $1.1 billion CRE CLO with limited loan acquisition ability.
Initially, the transaction is expected to be collateralized by 27 mortgage loans with an aggregate cutoff date in-trust balance of $838.1 million and $267.1 million of cash collateral for the anticipated acquisition of 10 pre-identified delayed-close loans to be acquired within 90 days following the closing date. During the 36-month period post-closing, the transaction permits reinvestment of certain proceeds for the acquisition of future funded companion loan participations related to the transaction’s existing collateral.
This transaction also includes a par value (overcollateralization or OC) test and an interest coverage (IC) test. If either test is not satisfied on any determination date, on the following payment date, interest proceeds (and to the extent interest proceeds are insufficient, principal proceeds) remaining after payment of interest on the Class E notes will be used to pay down the principal balances of the Class A through E notes in sequential order, in each case until the applicable test(s) are satisfied or the affected notes are paid in full.
To access rating and relevant documents, click here.
Click here to view the report.