KBRA Upgrades Four Ratings and Affirms One Rating for DATA 2023-CNTR
17 Jul 2026 | New York
KBRA upgrades the ratings of four classes of certificates and affirms one rating for DATA 2023-CNTR, a CMBS single-borrower transaction. The ratings follow a surveillance review of the transaction, which has exhibited an improvement in pool KLTV and KBRA debt yield since last review and securitization, primarily as a result of increases in occupancy and base rent. The rating changes also reflect the strong quality of the asset and its high-quality tenancy.
The collateral for the transaction is a $450.0 million non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in a two-building data center complex containing a gross building area (GBA) of 790,339 sf with 67.4 megawatts (MW) of rentable power located in Elk Grove Village, Illinois, approximately 23 miles northwest of the Chicago CBD. The sponsors of the borrower are Digital Realty Trust, L.P. (Digital Realty) and GI Partners ETS Fund LP (GI Partners).
The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $60.1 million and a KBRA value of $686.5 million ($869 per sf / $10.2 million per MW). The resulting KLTV is 65.5%, compared to the KLTV of 81.7% at last review and 81.0% at securitization. KBRA revised the loan’s KPO to Outperform from Perform.
Details for the classes with rating changes are as follows:
- Class B to AAA (sf) from AA+ (sf)
- Class C to AA (sf) from A+ (sf)
- Class D to A+ (sf) from BBB+ (sf)
- Class HRR to A- (sf) from BBB-
To access ratings and relevant documents, click here.
Click here to view the report.