KBRA Affirms All Ratings for DOLP 2021-NYC
19 Apr 2024 | New York
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 stable performance since securitization.
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 Midtown neighborhood of Manhattan, New York. 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 review utilized information obtained from the trustee and servicer to analyze the collateral. The analysis produced a KNCF of $69.8 million and a KBRA value of $997.6 million. The resulting in-trust KLTV is 110.3%, compared to 110.0% at last review and 109.0% at securitization. KBRA maintains a KPO of Perform for the loan.
To access rating and relevant documents, click here.
Click here to view the report.