Kroll Bond Rating Agency Conducting Rating Review of GSMS 2014-GSFL

NEW YORK--()--Kroll Bond Rating Agency (KBRA) is in the process of conducting its annual surveillance review on the GSMS 2014-GSFL securitization, a $501.6 million CMBS large loan transaction which closed August 2014. KBRA has requested information from the servicer to facilitate the review, and will conduct the related analysis once it is received and evaluated.

At securitization, the transaction was collateralized by eight non-recourse, first lien mortgage loans with an aggregate in-trust principal balance of $542.8 million. The financing for the properties also included $328.2 million of mezzanine debt and $5.0 million of preferred equity held outside the trust. Since that time, Airport Technology Park ($41.2 million) paid off, which was reflected on the July 2015 remittance report. The financing for the asset also included mezzanine debt secured by the borrower’s equity interests.

Other noteworthy information regarding the Yotel and 208 LaSalle Street loans is as follows:

  • The Yotel hotel (2nd largest, 20.4%) is scheduled to mature on August 9, 2015. Servicer commentary obtained from Trepp indicated that the borrower is in the process of refinancing the loan and a payoff request is pending. Should the loan not refinance, the borrower has three, one year extension options available. The loan is secured by a 24-story, 669-key full service hotel located in New York City’s borough of Manhattan in the Hudson Yards district.
  • KBRA has learned that 208 South LaSalle Street (7th largest, 7.0%) may likely pay off in the near future. The loan matures in July 2017 and has two, one year extension options available. The related collateral consists of 217,357 sf of an 874,742 sf mixed use-property located in Chicago, Illinois within the Central Loop area. The loan collateral is comprised of 206,420 sf of Class B office space on floors 13 through 17 and 10,937 sf of ground floor retail space.

The remaining outstanding loans include the JW Marriott, Rite Aid Portfolio, Vintage Park, Braker Flex Office Portfolio, and Premier Chicago Industrial Portfolio.

Class         Rating         Current Balance ($US)
A         AAA(sf)         $234,938,000
X-CP¹         AAA(sf)         $501,569,616
X-EXT¹         AAA(sf)         $501,569,616
B         AA-(sf)         $67,847,000
C         A-(sf)         $48,147,000

1. Notional balance equal to the aggregate certificate balance of the Class A, B, C, D, E and F certificates.

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About Kroll Bond Rating Agency

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).

Contacts

Analytical:
Kroll Bond Rating Agency
Kenitra Swift, 646-731-2335
kswift@kbra.com
or
Lisa Spaziano, 215-882-5872
lspaziano@kbra.com
or
Troy Doll, 646-731-2336
tdoll@kbra.com

Contacts

Analytical:
Kroll Bond Rating Agency
Kenitra Swift, 646-731-2335
kswift@kbra.com
or
Lisa Spaziano, 215-882-5872
lspaziano@kbra.com
or
Troy Doll, 646-731-2336
tdoll@kbra.com