KBRA Affirms All Ratings for JPMDB 2020-COR7
7 Jun 2024 | New York
KBRA affirms all of its outstanding ratings for JPMDB 2020-COR7, a $712.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction which has exhibited a worsening in pool performance since issuance, including the addition of K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the May 2024 remittance period, there is one specially serviced loan (5.6%) which is current.
KBRA identified seven loans (29.9%) as K-LOCs, including four top 10 loans (24.7%):
- LA County Office Portfolio (largest, 9.6%)
- Hampton Roads Office Portfolio (5th largest, 5.6%, 1.8% estimated loss severity)
- Frick Building (7th largest, 4.8%)
- Whitehall III & IV (9th largest, 4.7%)
One other K-LOC (1.5%) has an estimated loss:
- GIP REIT Portfolio (1.5%, 22.6% estimated loss severity)
The remaining two K-LOCs do not have estimated losses and represent 3.7% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 102.1%, compared to 103.4% at last review and 97.3% at securitization. The KDSC is 2.24x compared to 2.24x at last review and 2.32x at securitization.
To access rating and relevant documents, click here.
Click here to view the report.