KBRA Affirms All Ratings for Benchmark 2019-B9
17 Jan 2025 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2019-B9, an $834.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization, including an increase in the number loans which are in special servicing and have been identified as K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the December 2024 remittance period, there are four specially serviced assets (13.8% of the pool balance). KBRA identified eleven K-LOCs (32.7%), including the specially serviced assets. Of the K-LOCs, three (10.2%) have estimated losses. These include:
Four top 10 loans (24.2%):
- 3 Park Avenue (largest, 10.6%)
- Plymouth Corporate Center (3rd largest, 5.6% of pool balance, 19.2% estimated loss severity)
- Kawa Mixed Use Portfolio (4th largest, 4.4%)
- Fairbridge Office Portfolio (8th largest, 3.7%, 24.6%)
One additional K-LOC has an estimated loss:
- 735 Bedford Avenue (0.9%, 42.6%)
The remaining six K-LOCs do not have estimated losses and represent 7.5% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 107.9%, compared to 108.4% at last review and 102.4% at securitization. The KDSC is 1.59x, compared to 1.53x at last review and 1.60x at issuance.
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