KBRA Affirms all Ratings for UBS 2017-C1
10 May 2024 | New York
KBRA affirms all of its outstanding ratings for UBS 2017-C1, a $721.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA's last ratings change in May 2022.
As of the April 2024 remittance period, there are five specially serviced assets (5.6%), including four REO assets (4.3%).
KBRA identified 10 K-LOCs (15.2%). This includes:
One top 10 loan:
- One West 34th Street (6th largest, 4.2% of the pool balance)
Five other K-LOCs (5.6%) have estimated losses:
- Boston Creek Apartments (2.1%, 55.7% estimated loss severity, REO)
- Hampton Inn Oneonta (1.3%, 6.4%)
- La Quinta Inns & Suites Harrisburg Hershey (0.8%, 67.5%, REO)
- Fairfield Inn & Suites Milford (0.7%, 25.3%, REO)
- Comfort Inn Cleveland (0.7%, 84.1%, REO)
The remaining four K-LOCs do not have estimated losses and represent 5.4% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 90.2%, compared to 99.3% at KBRA's last ratings change and 95.1% at securitization. The KDSC is 1.69x, compared to 1.55x at KBRA's last ratings change and 1.79x at securitization.
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