Press Release|CMBS
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KBRA Affirms All Ratings for IRV 2025-200P

26 Feb 2026   |   New York

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KBRA affirms its outstanding ratings for IRV 2025-200P, a $1.50 billion CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance and credit metrics since securitization.

The collateral for the transaction is a $1.50 billion ($489 per sf) non-recourse, first lien mortgage loan. The fixed-rate loan has a 10-year term and requires monthly interest-only payments based on an interest rate of 5.39%. The loan is secured by the borrower’s fee simple, grant of term and leasehold interests in 200 Park Avenue, which is commonly known as the MetLife Building, a 58-story, Class-A office tower spanning an entire city block bounded by DePew Place to the east, Vanderbilt Avenue to the west, Grand Central Terminal to the south, and 45th Street to the north. The property, which was originally built in 1963 as the Pan American World Airways Building, is comprised of 3.1 million sf. The sponsor of the borrower is TICAD Office Funding, LLC, an affiliate of Irvine Company.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $135.4 million and a KBRA value of $1.93 billion ($631 per sf). The resulting all-in KLTV is 77.5% compared to 78.3% at securitization. KBRA assigns a KPO of Perform on the loan.

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: 1013698