KBRA Affirms All Ratings for BANK 2017-BNK4
26 Mar 2024 | New York
KBRA affirms all of its outstanding ratings for BANK 2017-BNK4, an $858.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization, including an increase in estimated losses since last review. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the March 2024 remittance period, there is one specially serviced loan (4.2% of the pool balance). KBRA identified eight K-LOCs (35.3%), one of which has an estimated loss (8.0%). The K-LOCs include:
Six top 10 loans (34.2%):
- D.C. Office Portfolio (largest, 8.0%, 38.8% estimated loss severity)
- One West 34th Street (3rd largest, 7.0%)
- The Davenport (5th largest, 5.8%)
- U.S. Grant Hotel (6th largest, 5.1%)
- Key Center Cleveland (8th largest, 4.2%)
- DoubleTree Greenway Houston (9th largest, 4.0%)
The remaining two K-LOCs do not have estimated losses and represent 1.1% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s weighted average WA KLTV is 101.6%, compared to 106.6% at last review and 100.5% at securitization. The KDSC is 1.50x, compared to 1.56x at last review and 1.68x at securitization.
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