Press Release|CMBS
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KBRA Affirms All Ratings for SDR 2024-DSNY

15 May 2025   |   New York

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KBRA affirms all of its outstanding ratings for SDR 2024-DSNY, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

The transaction collateral consists of two non-recourse, first lien mortgage loans secured by the borrower’s leasehold interests in the Walt Disney World Dolphin Hotel ($425.0 million) and the Walt Disney World Swan Hotel and Walt Disney World Swan Reserve ($310.0 million), collectively known as the Triplex. The landlord for each ground lease is Walt Disney Parks and Resorts U.S., Inc. They have a combined outstanding balance of $735.0 million ($280,641 per key) as of the April 2025 remittance period. As the loans are cross-collateralized and cross-defaulted and no releases are permitted, the loans are treated as one loan throughout this report. The sponsors are Tishman Hotel & Realty LP and Metropolitan Life Insurance Company.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $108.5 million and a KBRA value of $1.19 billion ($453,092 per key). The resulting in-trust KLTV is 61.9%, a change from 62.8% at securitization. KBRA assigns a KPO of Perform for the loan based on the stable performance since securitization.

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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1009410

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