KBRA affirms ratings on COMM 2025-167G Chicago office CMBS loan
Stable performance since securitization is supporting KBRA's decision to affirm all ratings for COMM 2025-167G, a single-borrower CMBS transaction tied to a downtown Chicago office property. The deal is backed by a $247.0 million first-lien mortgage on 167 N. Green, a Class-A office and retail building in the Fulton Market/Near West Side submarket.
Highlights
- KBRA affirms ratings on COMM 2025-167G, citing stable performance of the 17-story, 638,794-square-foot 167 N. Green office building in downtown Chicago.
- The fixed-rate mortgage loan for the property has a five-year term, a 6.7922% weighted-average interest rate, and matures in August 2030.
- KBRA's cash flow analysis shows KNCF of $22.1 million, a KBRA value of $248.2 million, and an in-trust KLTV improving to 99.5% from 100.7% at securitization.
Transaction review and property backing
As reported by Kroll Bond Rating Agency, the rating affirmations follow a surveillance review showing stable performance in the transaction since securitization. The deal's collateral is a non-recourse, first-lien mortgage loan secured by the borrower's fee simple interest in 167 N. Green, a 17-story, LEED Gold certified office building in downtown Chicago.The property contains 607,236 square feet of office space across the fourth through 16th floors and 31,558 square feet of retail space on the ground and second floors, for a total of 638,794 square feet. It also includes a 125-space parking garage on the third floor and an amenity suite on the 17th floor.
The fixed-rate loan carries a five-year term and requires monthly interest-only payments based on a weighted-average component interest rate of 6.7922%. The loan matures in August 2030, and its sponsors are Walton Street Capital, Shapack Partners, and Focus Development.
Credit metrics and market implications
KBRA says its cash flow analysis, based on information from the trustee and servicer, produces KNCF of $22.1 million and a KBRA value of $248.2 million, or $389 per square foot. The resulting in-trust KLTV is 99.5%, compared with 100.7% at securitization.KBRA also assigns a KPO of Perform to the loan, indicating continued operating stability in the underlying asset. The affirmation suggests the transaction is maintaining credit performance despite continued investor scrutiny of office-backed commercial real estate exposure in major U.S. urban markets.
In our earlier coverage of the U.S. housing market strain, we noted that high mortgage rates and record home prices were weighing on demand, with pending home sales falling and affordability emerging as the central constraint for buyers. We also highlighted weakening builder sentiment, with more builders cutting prices and offering incentives, underscoring how elevated financing costs and tight supply were keeping housing a broader drag on the U.S. economy.
Latest DBRS News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
