KBRA Affirms All Ratings for BBCMS 2023-5C23
6 Dec 2024 | New York
KBRA affirms all of its outstanding ratings for BBCMS 2023-5C23, a $721.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization. However, the transaction has one relatively large delinquent loan, Rockridge Apartments (6th largest, 7.5% of the pool balance), which is not common for a securitization seasoned for just one year.
As of the November 2024 remittance period, there is the one specially serviced loan mentioned previously, which is 90+ days delinquent. KBRA identified three K-LOCs (8.8%), including the specially serviced loan. None of the K-LOCs have estimated losses at this time.
The transaction's WA KLTV is 88.4%, compared to 86.7% at securitization. The WA KDSC is 1.39x, compared to 1.41x at securitization.
To access ratings and relevant documents, click here.
Click here to view the report.