KBRA Affirms All Ratings for BBCMS 2019-C3
16 May 2025 | New York
KBRA affirms all of its outstanding ratings for BBCMS 2019-C3, an $894.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization including five loans in the top ten loans (21.4% of the pool balance) that have a KPO of Underperform, four of which are also identified as K-LOCs. However, the magnitude of the changes does not warrant rating adjustments at this time.
As of the April 2025 remittance period, there are four specially serviced assets (6.8%), of which two (1.1%) are in foreclosure, one (2.4%) is 90+ days delinquent and one (3.4%) is matured non-performing. KBRA identified 10 K-LOCs (22.8%), including the specially serviced assets. Of the K-LOCs, two (3.2%) have estimated losses. These include:
Four top 10 loans (16.3%), none of which have an estimated loss:
- Renaissance Fort Lauderdale (5th largest, 4.7% of total pool balance)
- ATRIA Corporate Center (7th largest, 4.3%)
- NEMA San Francisco (8th largest, 3.9%)
- The Colonnade Office Complex (10th largest, 3.4%)
Two other K-LOCs have estimated losses:
- 4201 Connecticut Avenue NW (2.4%, 65.6% estimated loss severity)
- North Attleboro Shopping Center (0.8%, 5.8%)
The remaining four K-LOCs represent 3.3% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 101.6%, compared to 101.5% at last review and 98.6% at securitization. The KDSC is 1.72x, compared to 1.75x at last review and 1.80x at securitization.
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