KBRA Affirms All Ratings For CGCMT 2016-P4
31 May 2024 | New York
KBRA affirms all of its outstanding ratings for CGCMT 2016-P4, a $629.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA’s last ratings change in June 2023.
As of the May 2024 remittance period, there is one specially serviced asset (4.5%), which is REO. KBRA identified five K-LOCs (16.8%), including the specially serviced asset. These include:
Three top 10 loans (14.6%):
- Esplanade I (3rd largest, 5.7%)
- 401 South State Street (4th largest, 4.5% of the pool balance, 103.9% estimated loss severity)
- Marriott Midwest Portfolio (7th largest, 4.4%)
The remaining two K-LOCs do not have estimated losses and represent 2.2% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 98.1% compared to 99.1% at last ratings change and 102.8% at securitization. The WA KDSC is 1.65x, compared to 1.63x at last ratings change and 1.61x at securitization.
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