KBRA Affirms All Ratings for GSMS 2023-SHIP
19 Aug 2024 | New York
KBRA affirms all outstanding ratings for GSMS 2023-SHIP, a $1.0 billion CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance.
The transaction collateral is a non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in 12 industrial properties totaling 8.9 million square feet which are 100% leased to Amazon.com Services LLC and guaranteed by Amazon.com Inc. (together with its affiliates, “Amazon”), an HQCWT. The properties, which Amazon uses as part of its logistics and distribution network, were built between 2020 and 2022 and are located across 10 states. The loan’s initial maturity date is September 6, 2026, and there are no extension options. The loan’s sponsors are Farshid Steve Shokouhi and Brett Michael Lipman, President and CEO, respectively, of Preylock Holdings, Inc., which is a Los Angeles based real estate acquisition and management company.
The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $74.5 million and a KBRA value of $993.5 million ($111 per sf). The resulting in-trust KLTV is 104.2%, a change from 104.3% at securitization. KBRA assigns a KPO of Perform for the loan.
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