Press Release|CMBS
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KBRA Affirms All Outstanding Ratings for DC Trust 2024-HLTN

3 Apr 2025   |   New York

Contacts

KBRA affirms all outstanding ratings for DC Trust 2024-HTLN, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

The transaction is secured by a $229.7 million non-recourse, first lien mortgage loan originated by Morgan Stanley. The fixed-rate loan has a four-year term and matures in April 2028. It requires monthly interest-only payments based on a coupon of 7.775%. There is no additional subordinate debt held outside the trust, and the loan does not permit the incurrence of future additional subordinate debt. The loan was not structured with any maturity extension options. The loan is secured by the borrower’s fee simple interest in the Washington Hilton, a 1,107-key full-service hotel located in Washington, DC.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $24.0 million and a KBRA value of $246.6 million ($222,732 per key). The resulting in-trust KLTV is 93.2%, compared to 93.1% at securitization. KBRA maintains a KPO of Perform on the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1008891

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