KBRA Affirms All Ratings for MSC 2019-L3
8 Nov 2024 | New York
KBRA affirms all of its outstanding ratings for MSC 2019-L3, a $972.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.
As of the October 2024 remittance period, there are no specially serviced or delinquent loans. However, KBRA identified four K-LOCs (8.4%). This includes:
One of the top 10 loans:
- Wells Fargo Place (7th largest, 4.1%)
The remaining three K-LOCs represent 4.3% of the pool and none have estimated losses.
The transaction's WA KLTV is 99.8%, compared to 101.8% at last review and 99.7% at securitization. The KDSC is 2.28x, compared to 2.25x at last review and 2.29x at securitization.
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