Press Release|CMBS
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KBRA Affirms All Ratings for DOLP 2021-NYC

9 Apr 2025   |   New York

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KBRA affirms all of its outstanding ratings for DOLP 2021-NYC, a $1.1 billion CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has experienced a decrease in occupancy and KNCF since last review and securitization. However, the magnitude of the changes does not warrant ratings adjustments at this time. KBRA also considered the collateral assets’ quality and favorable location.

The loan is secured by the borrowers’ fee simple interests in 1133 Avenue of the Americas and 114 West 47th Street, a pair of Class-A office towers located three blocks from each other in Midtown Manhattan. The whole mortgage loan is represented by three pari-passu A notes totaling $1.1 billion, all of which are trust collateral. The loan sponsor is the Durst Organization. The fixed-rate loan has a 10-year term and matures in May 2031.

The review utilized information obtained from the trustee and servicer to analyze the collateral. The analysis produced a KNCF of $61.9 million and a KBRA value of $884.6 million. The resulting in-trust KLTV is 124.4%, compared to 110.3% at last review and 109.0% at securitization. KBRA maintains a KPO of Perform for the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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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: 1008964

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