KBRA Affirms All Ratings for JPMCC 2019-COR4
24 Jan 2025 | New York
KBRA affirms all outstanding ratings for JPMCC 2019-COR4, a $748.9 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance compared to securitization. However, the magnitude of the change does not warrant rating adjustments at this time.
As of the January 2025 remittance period, there is one specially serviced loan (2.4% of the pool balance). KBRA identified thirteen K-LOCs (46.9%), including the specially serviced loan. These include:
Five top 10 loans (33.3%):
- Renaissance Seattle (largest, 10.3% of the pool balance, 24.5% estimate loss severity)
- 400 South El Camino (2nd largest, 9.4%, 17.3%)
- Saint Louis Galleria (5th largest, 6.1%)
- Grand Hyatt Seattle (6th largest, 4.4%)
- Pier 54 Seattle (8th largest, 3.1%, 9.1%)
The remaining eight K-LOCs represent 13.6% of the pool.
Excluding K-LOCs with estimated losses, the transaction’s WA KLTV is 108.8%, compared to 120.1% at last review and 102.2% at securitization. The KDSC is 1.41x, compared to 1.42x at last review and 1.57x at securitization.
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