KBRA Affirms All Ratings for Hudson Yards 2019-55HY
13 Dec 2024 | New York
KBRA affirms its outstanding ratings for Hudson Yards 2019-55HY, an $810.5 million CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance and credit metrics since securitization.
The collateral for the transaction is an $810.5 million portion of a $1.245 billion non-recourse mortgage loan. The whole mortgage loan is represented by 33 pari-passu A notes totaling $945.0 million and three subordinate B notes totaling $300.0 million. The trust collateral includes 18 of the senior A notes totaling $510.5 million and the three subordinate B notes. The non-trust collateral consists of the remaining 15 pari-passu A notes ($434.5 million) that were contributed to eight other CMBS securitizations. The loan is secured by the borrower’s fee simple interest in a 51-story, Class-A office building located in the Hudson Yards Development in the Far West Side neighborhood of Midtown Manhattan. The building, which was constructed by Related Companies between 2016 and 2019, contains 1.4 million sf of office space, 8,957 sf of ground floor retail space, and 3,755 sf of storage space. The fixed-rate loan has a 10-year term and requires monthly interest-only payments based on an annualized interest rate of 2.95%.
KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $91.5 million and a KBRA value of $1.30 billion ($914 per sf). The resulting all-in KLTV is 95.2% compared to 90.2% at last review and 91.5% at securitization. KBRA maintains a KBRA Performance Outlook (KPO) of Perform on the loan.
To access ratings and relevant documents, click here.
Click here to view the report.