Kroll Bond Rating Agency (KBRA) announces the assignment of ratings to nine classes of DOLP 2021-NYC, a CMBS singe-borrower securitization.
The collateral for the transaction is a $1.1 billion non-recourse, first lien mortgage loan. The fixed-rate loan has a 10-year term and requires monthly interest-only payments. 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 within the Midtown neighborhood of Manhattan, New York.
As of March 2021, the properties were 95.2% leased to 45 tenants. The five largest tenants include Bank of America (28.6% of total base rent, 28.7% of total sf), a multinational investment bank and financial services provider; Chubb Insurance (12.0%, 10.4%), an international insurance provider; Patterson Belknap Webb & Tyler LLP (11.6%, 11.8%), an AM Law Top 200 law firm; ING Financial Holdings Corporation (8.7%, 9.0%), a Dutch multinational financial services provider; and Steinway & Sons (4.8%, 2.4%), an international piano company. Together, these five tenants account for 65.7% of total base rent and 62.3% of the total sf.
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.
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 pursuant to the Temporary Registration Regime. 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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