KBRA Affirms All Ratings for DATA 2023-CNTR
19 Jul 2024 | New York
KBRA affirms all of its outstanding ratings for DATA 2023-CNTR, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.
The collateral for the transaction is a $450.0 million non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in a two-building data center complex containing a gross building area (GBA) of 790,339 sf with 67.4 megawatts (MW) of rentable power located in Elk Grove Village, Illinois, approximately 23 miles northwest of the Chicago CBD. The sponsors of the borrower are Institutional Mall Investors LLC (IMI), a co-investment platform owned by Califiornia Public Employees’ Retirement System (CalPERS) and an affiliate of Miller Capital Advisory.
The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $48.6 million and a KBRA value of $551.4 million ($703 per sf / $8.2 million per MW). The resulting KLTV is 81.0%, in line with the KLTV of 81.0% at securitization. KBRA maintains the loan’s KPO of Perform due to stable performance since issuance.
To access rating and relevant documents, click here.
Click here to view the report.