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KBRA Affirms All Ratings for Olympic Tower 2017-OT

25 Jun 2026   |   New York

Contacts

KBRA affirms all outstanding ratings for Olympic Tower 2017-OT, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in performance since KBRA’s last review, primarily as a result of recent leasing. However, the magnitude of the change in KBRA value and KLTV does not warrant rating changes at this time.

The collateral consists of a $480.0 million portion of a $760.0 million non-recourse, first lien mortgage loan secured by the borrower’s leasehold interest in a 525,372 sf, Class-A retail and office complex in Midtown Manhattan’s Plaza District. A 99-year ground lease, which expires in September 2074, encumbers the majority of the property, while an additional 2,200 sf parcel is leased by the borrower pursuant to a sub-ground lease that expires in January 2067. The property is also subject to a condominium regime consisting of one commercial unit that is loan collateral and 230 non-collateral residential units. The borrower holds a 46.7% interest in the general common elements. The loan sponsors are OPG Investment Holdings (US), LLC; Crown Retail Services LLC; Centurian Management Corporation; and Crown 600 Broadway LLC, which are affiliates of OMERS Administration Corporation (dba Oxford Properties Group, 67.0% ownership) and Crown Acquisitions (33.0%).

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $58.4 million and a KBRA value of $806.0 million ($1,534 per sf). The resulting in-trust KLTV is 94.3%, a change from 101.6% at KBRA’s last review and 80.0% at securitization. As a result of recent leasing that has increased occupancy to 98.9%, KBRA has revised the loan’s KPO to Perform from Underperform.

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: 1015710