KBRA Affirms All Ratings for ONE 2021-PARK Mortgage Trust
14 Feb 2025 | New York
KBRA affirms its outstanding ratings for ONE 2021-PARK Mortgage Trust, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization. The rating affirmations also reflect the quality of the asset and experience of the loan’s majority sponsor.
The transaction collateral is a $525.0 million floating-rate, non-recourse, first-lien mortgage loan. The loan is collateralized by the borrower’s fee simple interest in One Park Avenue, a 20-story, 943,302 sf Class-A, LEED Silver-certified office building in Midtown Manhattan. The borrower is indirectly owned and controlled by an affiliate of Vornado (55.0%) and CPPIB (45.0%), a Canadian Crown Company which manages funds on behalf of the Canada Pension Plan. The loan is scheduled to mature in March 2025, but the borrower has one, one-year extension option remaining. There are no LTV, DSC, or debt yield tests required for the extensions.
KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $43.2 million and a KBRA value of $615.1 million ($652 per sf). The resulting in-trust KLTV is 85.4%, compared to 86.4% at last review and 92.2% at securitization. KBRA maintains a KPO of Perform on the loan.
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