Press Release|CMBS
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KBRA Affirms All Ratings for NJ 2023-GSP

13 Dec 2024   |   New York

Contacts

KBRA affirms its outstanding ratings for NJ 2023-GSP, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

The collateral for the transaction is a $425.0 million portion of a $525.0 million ($428 per sf) non-recourse, first lien mortgage loan. The whole mortgage loan is represented by 10 componentized pari passu A notes, three of which are trust collateral.

The first lien mortgage loan is secured by the borrower’s fee simple interest in 1.2 million sf of the Westfield Garden State Plaza, a 2.1 million sf super-regional mall located in Paramus, New Jersey, approximately 12 miles northwest of Midtown Manhattan. The property is subject to a condominium regime consisting of three units with the collateral for the whole loan represented by units 1 and 2, comprising 82.0% of the common element interests of the condominium. The sponsors of the borrower are affiliates of Unibail-Rodamco-Westfield (Westfield) along with Aldwych, L.P. and Old Kingsway, L.P., two affiliates of The Prudential Assurance Company Limited (PACL).

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $91.9 million and a KBRA value of $1.2 billion ($983 per sf). The resulting KLTV is 43.6%, a change from 43.1% at securitization. KBRA maintains a KPO of Perform for the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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