Press Release|CMBS

KBRA Affirms All Ratings for Jackson Park Trust 2019-LIC

10 May 2024   |   New York


KBRA affirms all of its outstanding ratings for Jackson Park Trust 2019-LIC, a CMBS SASB. The affirmations follow a surveillance review of the transaction, which has exhibited a decline in financial performance compared to securitization mainly due to higher operating expenses; however, the asset’s performance has improved since last review from rent growth and improved occupancy.

The transaction collateral consists of a $725.0 million portion of a $1.0 billion non-recourse, first lien mortgage loan. The whole mortgage loan is represented by ten pari passu A notes totaling $550.0 million and two subordinate B notes totaling $450.0 million. The trust collateral includes five of the senior A notes totaling $275.0 million and the two subordinate B notes. The non-trust collateral consists of the remaining five pari passu A notes totaling $275.0 million that were contributed to three other CMBS securitizations. The loan is secured by the borrower’s fee simple interest in a property consisting of three luxury apartment towers ranging from 42 to 53 stories and one five-story amenity building located within New York City’s Queens Borough in Long Island City (LIC). Built in 2018, the apartment towers contain 1,871 units and feature 10,399 sf of ground floor retail space. The fixed-rate loan has a ten-year term and requires monthly IO payments based on an annualized interest rate of 3.25%.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $59.5 million and a KBRA value of $820.1 million ($438,296 per unit). The resulting all-in KLTV is 121.9% compared to 127.4% at last review and 111.0% at securitization. KBRA maintains a KPO of Underperform.

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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

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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.

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