KBRA Affirms All Ratings for CF 2019-CF1
12 Apr 2024 | New York
KBRA affirms all of its outstanding ratings for CF 2019-CF1, a $652.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in overall pool performance since securitization, including an increase in the number of assets that are specially serviced and assets that have been identified as K-LOCs. However, the magnitude of changes does not warrant any rating adjustments at this time.
As of the March 2024 remittance period, there are two specially serviced assets (9.2% of the pool balance). KBRA identified seven K-LOCs (26.6%), including the specially serviced assets. These include:
Three top 10 loans (19.2%):
- 625 North Michigan Avenue (largest, 7.8%)
- 65 Broadway (4th largest, 6.1%)
- AC by Marriot San Jose (6th largest, 5.4%, 10.9% estimated loss severity)
Two other K-LOCs have estimated losses (3.7%):
- 394 Broadway (2.9% of the pool balance, 5.6% estimated loss severity)
- Granite Landing Apartments (0.8%, 5.9%)
The remaining two K-LOCs represent 3.7% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 97.9%, compared to 97.8% at last review and 93.8% at securitization. The KDSC is 1.79x, compared to 1.83x at last review and 1.91x at securitization.
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