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KBRA Affirms All Classes for MIRA 2023-MILE

20 Jun 2024   |   New York

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KBRA affirms all of its outstanding ratings for MIRA 2023-MILE, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

The collateral for the transaction is the $268.8 million trust component of a $425.0 million non-recourse, first lien mortgage loan secured by Miracle Mile Shops (Miracle Mile), a 503,484 sf specialty retail, entertainment, and dining complex located on the Strip in Las Vegas, Nevada. The loan has an outstanding principal balance of $268.8 million ($534 per sf) as of June 2024. The sponsors of the borrower are Institutional Mall Investors LLC (IMI), a co-investment platform owned by Califiornia Public Employees’ Retirement System (CalPERS) and an affiliate of Miller Capital Advisory.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $54.1 million and a KBRA value of $675.8 million ($1,342 per sf). The resulting KLTV is 62.9%, compared to 63.0% at securitization. KBRA assigns the loan a KPO of Perform due to stable performance since issuance.

To access rating and relevant documents, click here.

Click here to view the report.

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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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004798

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