KBRA Affirms All Outstanding Ratings for JPMDB 2016-C2
13 Mar 2025 | New York
KBRA affirms all of its outstanding ratings for JPMDB 2016-C2, a $666.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an increase in estimated losses since KBRA's last ratings change in April 2021; however, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the February 2025 remittance period, there are three specially serviced assets (13.0% of the pool balance), of which one is in foreclosure (4.5%), and two (8.5%) are 90+ days delinquent. KBRA identified eight K-LOCs (43.1%), including the specially serviced assets. These include five within the top 10 loans (38.0%):
- Quaker Bridge Mall (largest, 12.5% of the pool balance, 15.3% estimated loss)
- 100 East Pratt (3rd largest, 8.5%)
- Four Penn Center (5th largest, 6.8%)
- DoubleTree Houston Intercontinental Airport (6th largest, 5.7%, 61.4%)
- Palisades Center (10th largest, 4.5%, 28.6%)
One other K-LOC has an estimated loss:
- Legends at Kingsville (2.8%, 9.4% estimated loss)
The remaining two K-LOCs do not have estimated losses and represent 2.3% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 87.7%, compared to 97.7% at last review and 94.6% at issuance. The KDSC is 1.74x, compared to 1.62x at last review, and 1.90x at issuance.
To access ratings and relevant documents, click here.
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Methodologies
- CMBS: North American CMBS Multi-Borrower Rating Methodology
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: North American CMBS Property Evaluation Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology