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KBRA Affirms All Ratings for CALI 2019-101C

12 Mar 2025   |   New York

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KBRA affirms all outstanding ratings for CALI 2019-101C, a $515.0 million CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a decline in performance since KBRA’s last review and securitization. However, the magnitude of the change does not warrant ratings changes at this time.

The collateral for the transaction is a $515.0 million portion of a $755.0 million non-recourse, first-lien whole mortgage loan. The mortgage loan consists of nine pari passu A notes totaling $527.0 million and two subordinate B notes totaling $228.0 million. The trust collateral includes two of the senior A notes totaling $287.0 million and the two subordinate B notes. The mortgage loan is secured by the borrower’s fee simple interest in a 48-story, 1.3 million square foot Class A office property at 101 California Street in San Francisco’s Financial District. The sponsor of the borrower is Hines Interests Limited Partnership, GIC (Realty) Private Limited, and an unnamed Asian governmental investor.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $53.3 million and a KBRA value of $735.2 million ($587 per sf). The resulting in-trust KLTV is 102.7%, up from 102.1% at last review and 88.7% at securitization. KBRA maintains its KPO of Underperform based on the decline in property occupancy, increase in KLTV, and deterioration in the submarket’s office fundamentals.

To access ratings and relevant documents, click here.

Click here to view the report.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1008466

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