KBRA Affirms All Ratings for BWAY Trust 2019-1633
13 Dec 2024 | New York
KBRA affirms all outstanding ratings for BWAY Trust 2019-1633, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction. The loan’s performance has improved since last review but remains below that at securitization. The changes in performance do not warrant rating adjustments at this time.
The transaction collateral is a $250.0 million portion of a $1.25 billion non-recourse, first-lien mortgage loan. The whole mortgage loan is represented by 32 pari passu A notes totaling $1.001 billion and four subordinate B notes totaling $249.0 million. The trust collateral includes four of the senior pari passu A notes totaling $1.0 million and the four subordinate B notes. The principal balance for this transaction is $250.0 million as of December 2024.
The loan is collateralized by the borrower’s fee simple interest in a 48-story, 2.6 million-sf Class A office building located at 1633 Broadway between 50th Street and 51st Street in the Midtown West neighborhood of Manhattan. The loan sponsor is Paramount Group, Inc. (NYSE: PGRE), a REIT.
KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $102.6 million and a KBRA value of $1.41 billion ($552 per sf). The resulting in-trust KLTV is 88.4%, compared with 92.2% at last review and 83.9% at securitization. KBRA maintains a KBRA KPO of Perform on the loan.
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