KBRA Affirms All Ratings for Vita Scientia 2022-1 DAC
25 Apr 2024 | London
KBRA affirms all of its outstanding ratings for Vita Scientia 2022-1 DAC, a CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable performance since securitisation.
The collateral for the transaction is a single, first-lien mortgage loan secured by a portfolio of eight assets, consisting of seven life science properties (78.6% by ALA) and one office property (21.4%). Five life science assets and one office asset are located in Leiden in the Netherlands, and an additional two life science properties are in Munich, Germany. The portfolio has a combined lettable area of 82,828 sqm, is let to 25 tenants and is currently 95.6% leased, up from 79.2% at last review and down from 96.2% at closing.
Since the transaction closing date in April 2022, there was a principal distribution of €22,500 at the August 2022 IPD due to an initial over issuance at closing. This resulted in a pro-rata reduction of the Notes balance. There have been no property sales since closing and the loan balance remains at €188.8 million as of the current review. The transaction includes €76.2 million of mezzanine debt that is held outside of the trust.
KBRA utilised information obtained from the trustee and the servicer to analyse the loan collateral. The analysis produced a KNCF of €13.3 million and KBRA value of €218.7 million (€2,641 per sqm). The resulting in-trust KLTV is 86.3%, up from 78.0% at last review and from 82.3% at securitisation. KBRA maintains a KPO of Perform for the loan.
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