The latest review of MSC 2020-CNP points to steady performance in the underlying office collateral since the transaction was securitized. The deal is backed by a $330.0 million portion of a $550.0 million first-lien mortgage on City National Plaza in downtown Los Angeles.
Highlights
- KBRA affirmed its existing ratings for the MSC 2020-CNP CMBS deal after a surveillance review found stable collateral performance at City National Plaza.
- KBRA's review determined a KNCF of $61.9 million and KBRA value of $749.8 million ($298 per square foot) for the 2.5 million square foot property.
- In-trust KLTV stands at 73.3%, down from 73.7% at the previous review, and KBRA maintains a KPO of Perform reflecting stable credit performance.
Surveillance review of loan collateral
As reported by Kroll Bond Rating Agency, KBRA affirms its outstanding ratings for MSC 2020-CNP after a surveillance review found stable collateral performance. The transaction is a CMBS SASB deal backed by a non-recourse mortgage loan tied to City National Plaza, a 2.5 million square foot Class-A office property in downtown Los Angeles.The building was built in 1971 and renovated in 2018. The borrower sponsor is Fifth Street Properties, LLC, a joint venture controlled by CalPERS with a 99.7% interest and CommonWealth Pacific, LLC with a 0.3% interest.
There is no separate recourse carve-out guarantor for the loan. If a recourse exception is triggered under the loan documents, the borrower is the only party available to meet those recourse-related obligations, while CommonWealth Partners Management Services, LP, an affiliate of the sponsor, serves as property manager.
Valuation metrics and credit view
KBRA says it analyzed the property's cash flow using information from the trustee and servicer to determine KNCF. That review produced a KNCF of $61.9 million and a KBRA value of $749.8 million, or $298 per square foot.The resulting in-trust KLTV stands at 73.3%, compared with 73.7% at the last review and 74.4% at securitization. KBRA maintains a KPO of Perform for the loan, indicating that credit performance remains stable within the current structure.
In our earlier coverage of KBRA’s rating affirmations for WFCM 2013-LC12, we noted that the CMBS conduit pool had amortized to just three remaining loans, with two modified mall exposures accounting for nearly all of the trust balance. We also highlighted that steep appraisal declines at White Marsh Mall and Carolina Place now dominate the risk outlook, while a January 2026 hotel liquidation reversed prior realized losses and restored the Class F certificate balance.
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