KBRA Affirms All Ratings for COMM 2016-787S
24 Jan 2025 | New York
KBRA affirms all of its outstanding ratings for COMM 2016-787S, a CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has experienced a slight decline in KNCF since issuance resulting in a higher KLTV. However, the decline in KBRA metrics is mitigated by the asset’s quality, favorable location and institutional sponsorship.
The transaction collateral consists of a $640.0 million ($367 per sf) portion of a $780.0 million ($447 per sf) non-recourse, first lien mortgage loan secured by the borrower’s fee simple interests in 1.7 million sf of 787 Seventh Avenue. The property consists of a 50-story, Class-A office building located between 51st and 52nd Streets in the Midtown section of the borough of Manhattan in New York City.
The review utilized information obtained from the trustee and servicer to analyze the collateral. The analysis produced a KNCF of $69.7 million and a KBRA value of $929.8 million. The resulting in-trust KLTV is 83.9%, compared to 85.0% at last review and 75.1% at securitization. KBRA maintains a KPO of Perform for the loan.
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Related Publication
Methodologies
- CMBS: North American CMBS Property Evaluation Methodology
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- Structured Finance: Global Structured Finance Counterparty Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- ESG Global Rating Methodology