Press Release|CMBS

KBRA Affirms All Ratings for Hudson Yards 2019-55HY

13 Dec 2024   |   New York

Contacts

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.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1007243

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