KBRA Affirms All Ratings for UBS 2019-C17
14 Aug 2024 | New York
KBRA affirms all of its outstanding ratings for UBS 2019-C17, a $769.4 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance compared to securitization.
As of the July 2024 remittance period, there are three specially serviced loans (4.6% of the pool balance), of which one (1.7%) is 90+ days delinquent, and one (1.2%) is in foreclosure.
KBRA identified eight K-LOCs (13.5%), three of which (4.7%) have estimated losses. These include:
Two top 10 loans (5.7%)
- The Chantilly Office Portfolio (7th largest, 3.1%)
- Centrepointe Plaza (10th largest, 2.5%)
Three K-LOCs (4.7%) have estimated losses:
- Gateway Tower (1.8%, 20.3% estimated loss severity)
- Hudson River Hotel (1.7%, 18.8%)
- Meidinger Tower (1.2%, 45.0%)
The remaining three K-LOCs represent 3.1% of the pool and do not have estimated losses.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 99.2%, compared to 101.3% at last review and 103.1% at securitization. The KDSC is 1.77x, in line with last review and 1.78x at securitization.
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