KBRA Affirms All Ratings for GSMS 2019-GC39
3 May 2024 | New York
KBRA affirms all its outstanding ratings for GSMS 2019-GC39, a $726.8 million conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization including an increase in the number of loans identified as K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the April 2024 remittance period, there are two specially serviced loans (4.6% of the total pool balance) in the pool, both of which are 30 days delinquent. KBRA identified six K-LOCs (18.6%), one of which (2.1%) has an estimated loss. These include:
- Arbor Hotel Portfolio (6th largest, 6.9%)
- Garfield Apartments (8th largest, 3.2%)
One other loan has an estimated loss:
- 57 East 11th Street (2.1%, 39.7% estimated loss severity)
The transaction's WA KLTV is 104.3% as compared to 100.9% at last review and 93.5% at securitization. The KDSC is 1.77x as compared to 1.89x at last review and 1.98x at issuance.
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