KBRA Affirms All Ratings for WFCM 2019-C54
15 Nov 2024 | New York
KBRA affirms all of its outstanding ratings for WFCM 2019-C54, a $631.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the October 2024 remittance period, there is one specially serviced loan (4.8% of the pool balance).
KBRA identified five loans (13.7%) as K-LOCs, none of which have estimated losses. This includes:
Two of the top 10 loans (8.8%):
- 74 Kent Street & 11-20 46th Road (4th largest, 4.8%)
- The Tower at Burbank (7th largest, 4.0%)
The remaining three loans do not have estimated losses and represent 4.9% of the pool balance.
The transaction’s WA KLTV is 109.0%, compared to 105.6% at last review and 105.8% at securitization. The KDSC is 1.95x, compared to 2.06x at last review and 2.02x at securitization.
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