NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) released today surveillance commentary for CGCMT 2013-375P. As a follow up to our May 20, 2014, CGCMT 2013-375P Surveillance Report, Kroll Bond Rating Agency (KBRA) recently learned Wells Fargo Bank has not exercised a one-time termination option at the 375 Park Avenue, a trophy office building located in the Plaza District within New York City’s Borough of Manhattan.
The building serves as collateral for a loan that has been securitized in CGCMT 2013-375P, a CMBS single borrower transaction. The tenant, a High Quality Credit-Worthy Tenant, occupies 28.6% of the square footage at the property and accounts for 27.3% of the subject’s total annual base rent, subject to leases which expire in February 2021, prior to the loan’s May 2023 maturity date.
The information was received from the master servicer for the CMBS securitization, Wells Fargo Bank, National Association. For further details on the securitization and the tenant’s lease terms, please see the related pre-sale and surveillance report at the following links. For more information, see the link below.
All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found at http://www.krollbondratings.com/regulatory/17g-7.
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About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).