KBRA Affirms All Ratings for Greystone 2024-HC3
14 Mar 2025 | New York
KBRA affirms all of its outstanding ratings for Greystone 2024-HC3, a CRE CLO transaction with a two-year reinvestment period that commenced with a six-month ramp-up period. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.
At the time of this review, the total collateral balance is $425.0 million, which is comprised of 21 first mortgage loans secured by 55 properties and $4.1 million of cash collateral. During the remainder of the transaction’s reinvestment period, which ends in March 2026, the issuer can continue to acquire previously unidentified whole loans and senior participations with principal proceeds from the mortgage assets, provided such assets satisfy the reinvestment criteria and eligibility criteria.
As of the February 2025 remittance period, there are two loans (4.7% of the loan pool balance) that are non-performing matured balloon. The loans are expected to be extended. The transaction’s WA KLTV is 121.9%, compared to 124.3% at securitization. The KDSC at Index Cap is 1.22x, unchanged since closing. The overcollateralization and interest coverage tests have each been satisfied during each distribution date since issuance.
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