NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed 12 classes of GS Mortgage Securities Trust Series 2014-GC20 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
The affirmations are the result of stable performance of the underlying collateral pool since issuance. As of the March 2015 distribution date, the pool's aggregate principal balance has been reduced by 0.8% to $1.17 billion from $1.18 billion at issuance. Although there are no specially serviced loans, Fitch has designated four loans (3.1%) as Fitch Loans of Concern. Fitch designated these Loans of Concern as they have seen a decrease in debt service coverage performance since issuance; Fitch does not anticipate a transfer to special servicing for any of the loans at this time.
The largest loan in the pool, the Newcastle Senior Housing Portfolio, is secured by 26 independent living senior housing facilities located across 14 states in the U.S. The portfolio is 100% private pay and offers no assisted living functions. The loan is subject to three other pari-passu notes for a total debt load of $355.2 million. The loan continues to perform in line with underwritten expectations with stable occupancy and net operating income debt service coverage ratio (NOI DSCR) figures.
The second largest loan in the pool, Greene Town Center, is secured by an open-air, mixed-use lifestyle center located in Beavercreek, OH, approximately 10 miles southeast of the Dayton CBD. The collateral consists of retail (566,634 sf), office (143,343 sf) and residential space (206 units totaling 199,248 sf). Additionally, there is a 130,000-sf ground lease to Von Maur department store. The loan is subject to a $47.1 million pari-passu note within the CGCMT 2014-GC21 transaction. The property continues to perform within underwritten expectations with a third quarter 2014 year-to-date NOI DSCR of 1.86x.
All classes maintain their Stable Outlooks. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset-level event changes the transaction's portfolio-level metrics. Additional information on rating sensitivity is available in the report 'GS Mortgage Securities Trust Series 2014-GC20' (June 2, 2014), available at www.fitchratings.com.
Fitch affirms the following classes as indicated:
--$54 million class A-1 at 'AAAsf'; Outlook Stable;
--$41.5 million class A-2 at 'AAAsf'; Outlook Stable;
--$176.8 million class A-3 at 'AAAsf'; Outlook Stable;
--$185 million class A-4 at 'AAAsf'; Outlook Stable;
--$272.4 million class A-5 at 'AAAsf'; Outlook Stable;
--$88.9 million class A-AB at 'AAAsf'; Outlook Stable;
--$72.4 million class A-S at 'AAAsf'; Outlook Stable;
--$78.3 million class B at 'AA-sf'; Outlook Stable;
--$0 class PEZ at 'A-sf'; Outlook Stable;
--$50.2 million class C at 'A-sf'; Outlook Stable;
--$59.1 million class D at 'BBB-sf'; Outlook Stable;
--$29.6 million class E at 'BB-sf'; Outlook Stable;
--$890.9 million* class X-A at 'AAAsf'; Outlook Stable;
--$78.3 million* class X-B at 'AA-sf'; Outlook Stable;
--$29.6 million* class X-C at 'BB-sf'; Outlook Stable.
*Notional amount and Interest-Only.
Fitch does not rate the class F, G, X-D and H certificates.
A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:
--' GS Mortgage Securities Trust Series 2014-GC20' (June 2, 2014).
Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 10, 2014 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:
Structured Finance >> CMBS >> Criteria Reports
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014).
Applicable Criteria and Related Research:
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
Global Structured Finance Rating Criteria