KBRA Affirms All Ratings for GSMS 2017-GS8
10 Oct 2024 | New York
KBRA affirms all of its outstanding ratings for GSMS 2017-GS8, a $918.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance compared to securitization. However, the largest loan (10.9% of the pool balance) is backed by an office property that has been identified as a K-LOC, although no loss is expected on the asset at this time.
As of the September 2024 remittance period, there is one specially serviced loan (3.7%) that is 60+ days delinquent. KBRA has identified three K-LOCs (19.4%). These include:
Two top 10 loans (15.7%)
- Worldwide Plaza (largest, 10.9%)
- Olympic Tower (7th largest, 4.8%)
The remaining K-LOC does not have an estimated loss and represents 3.7% of the pool balance.
The transaction’s WA KLTV is 95.8%, compared to 98.0% at last review and 96.7% at securitization. The KDSC is 2.01x, in line with last review and compared to 2.12x at securitization.
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