KBRA Affirms All Ratings for WFCM 2016-C35
31 May 2024 | New York
KBRA affirms all of its outstanding ratings for WFCM 2016-C35, an $841.8 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited performance in line with the last ratings adjustments in June 2021.
As of the May 2024 remittance period, there are five specially serviced loans (8.3%) including four REO assets (6.0%). KBRA identified 12 K-LOCs (21.3%), including the specially serviced loans and REO assets. This includes four of the top 10 loans (14.2%):
- Mall at Rockingham Park (2nd largest, 7.1% of the pool balance)
- Doubletree Overland Park (8th largest, 2.4%, 73.4% estimated loss severity)
- Pinnacle II (9th largest, 2.4%, 43.6%)
- Eagle Square (10th largest, 2.3%, 42.0%)
Two other K-LOCs have estimated losses:
- Mall at Turtle Creek (2.1%, 55.1%)
- Hilton Home2 Suites Pittsburgh (1.0%, 18.2%)
Excluding K-LOCs with estimated losses, the transaction’s WA KLTV is 94.7%, an increase from 99.1% at last review and 98.2% at securitization. The KDSC is 1.74x, a change from 1.81x at last review and 1.91x at securitization.
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