KBRA Affirms All Ratings for CGCMT 2016-C1
12 Apr 2024 | New York
KBRA affirms all of its outstanding ratings for CGCMT 2016-C1, a $668.9 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited generally stable pool performance since securitization.
As of the March 2024 remittance period, there are no specially serviced assets. However, KBRA identified seven K-LOCs (8.5% of the pool balance), of which one (0.7%) has an estimated loss.
One of the top 10 loans is a K-LOC:
- Strathallan DoubleTree by Hilton (9th largest, 2.7% of the pool balance)
One additional K-LOC has an estimated loss:
- Plaza Frontier (0.7% of the pool balance, 14.9% estimated loss severity)
The remaining five K-LOCs do not have estimated losses and represent 5.1% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 94.4%, compared to 95.0% at last review and 102.2% at securitization. The KDSC is 1.69x, compared to 1.67x at last review and 1.62x at securitization.
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