Press Release|CMBS

KBRA Upgrades Three Ratings and Affirms All Other Ratings for CGCMT 2013-375P

22 May 2024   |   New York


KBRA upgrades the ratings of three classes and affirms all other outstanding ratings for CGCMT 2013-375P, a CMBS SASB transaction. The actions follow a surveillance review of the transaction, which has exhibited an improvement in performance since last review and securitization, primarily as a result of recent leasing activity, resulting in a meaningful increase in KNCF and higher KBRA value. The changes increase the likelihood that the borrower will be able to refinance at its next maturity date, which it failed to do at its original maturity date.

The transaction collateral is a $560.0 million portion of a $757.8 million, non-recourse, first lien mortgage loan. The loan is secured by the borrower’s fee simple interest in an 859,249 sf office property located at 375 Park Avenue between 52nd and 53rd streets in the Midtown neighborhood of New York City’s borough of Manhattan. The loan sponsor is RFR Holding LLC, a Manhattan-based privately controlled real estate investment company founded in 1991 by Aby Rosen and Michael Fuchs.

After the borrower failed to repay the loan by its original maturity date in May 2023, the loan was modified and extended for one year, with a second option to extend the maturity date to May 2025. The modification includes a cash flow sweep and principal paydowns associated with each extension of the term. According to the May 2024 remittance data, the loan is in the second extension period with a maturity date of May 6, 2025, and there is $23.4 million in the reserve accounts for the loan. In connection with the extensions, the principal balance of the loan has been reduced by $25.0 million.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $69.1 million and a KBRA value of $987.4 million ($1,149 per sf). The resulting KLTV is 76.7%, which is favorable to last review (87.2%) and securitization (91.8%). KBRA maintains the loan’s KPO of Perform due to improved performance since issuance.

Details concerning the classes with ratings changes are as follows:

  • Class B to AA (sf) from A- (sf)
  • Class C to A (sf) from BBB- (sf)
  • Class D to BBB (sf) from BB (sf)

To access rating and relevant documents, click here.

Click here to view the report.

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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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004405

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