KBRA Affirms All Ratings for MSC 2020-CNP
1 May 2024 | New York
KBRA affirms its outstanding ratings for MSC 2020-CNP, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.
The collateral for the transaction is comprised of a $330.0 million portion of a $550.0 million non-recourse, first lien mortgage loan. The mortgage loan is collateralized by the borrower’s fee simple interest in City National Plaza, a 2.5 million sf, Class-A office property located in downtown Los Angeles that was built in 1971 and renovated in 2018. The sponsor of the borrower is Fifth Street Properties, LLC, a joint venture controlled by CalPERS (99.7%) and CommonWealth Pacific, LLC (0.3%). There is no separate recourse carve-out guarantor, and in the event a recourse exception is triggered under the loan documents, the borrower is the sole party available to satisfy the recourse-related obligations. Commonwealth Partners Management Services, LP, an affiliate of the sponsor, serves as the property manager.
KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $60.4 million and a KBRA value of $732.3 million ($291 per sf). The resulting in-trust KLTV is 75.1%, compared to 74.5% at last review and 74.4% at securitization. KBRA maintains a KPO of Perform for the loan.
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