KBRA Affirms All Ratings for AOTA 2015-1211
26 Mar 2024 | New York
KBRA affirms all of its outstanding ratings for AOTA 2015-1211, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in credit metrics since securitization. However, the magnitude of the changes does not warrant rating adjustments at this time.
The transaction collateral is a non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in a 1.9 million sf, 45-story, Class-A office building. The property is located at 1211 Avenue of the Americas between 47th and 48th Streets in New York City’s Manhattan borough. The 10-year interest-only loan has an outstanding balance of $1.0 billion ($531 per sf) as of the March 2024 remittance report and matures in August 2025. The loan sponsor is Ivanhoé Cambridge Inc.
KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $85.2 million and a KBRA value of $1.1 billion ($583 per sf). The resulting in-trust KLTV is 91.1%, compared to 88.3% at last review and 82.0% at securitization. KBRA maintains a KPO of Perform on the loan.
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