KBRA Affirms All Ratings for UBS 2017-C4
11 Oct 2024 | New York
KBRA affirms all of its outstanding ratings for UBS 2017-C4, a $694.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with last review.
As of the September 2024 remittance period, there are five specially serviced assets (9.0% of the pool balance), of which two (4.4%) are REO, two (2.4%) are 60+ days delinquent, and one (2.2%) is a performing loan. One other loan (1.3%) is 60+days delinquent and is not with the special servicer at the time of the current review. KBRA identified eight K-LOCs (12.8%), including the specially serviced assets. These include:
Three (5.6%) K-LOCs with estimated losses:
- 1600 Corporate Center (2.9% of pool balance, 78.7% estimated loss severity)
- DoubleTree Berkeley Marina (1.8%, 17.0%)
- 401 West Ontario (0.9%, 15.3%)
The remaining five K-LOCs represent 7.3% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 102.9%, compared to 105.8% at last review, and 97.8% at issuance. The KDSC is 1.78x, compared to 1.72x at last review, and 1.95x at closing.
To access rating and relevant documents, click here.
Click here to view the report.