Press Release|CMBS
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KBRA Affirms All Ratings for BWAY Trust 2019-1633

11 Dec 2025   |   New York

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KBRA affirms its outstanding ratings for BWAY Trust 2019-1633, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a decline in performance since last review and issuance. However, the magnitude of the change in KBRA value and KLTV does not warrant ratings adjustments at this time.

The transaction collateral is a $250.0 million portion of a $1.25 billion non-recourse, first-lien mortgage loan. The whole mortgage loan is represented by 32 pari passu A notes totaling $1.001 billion and four subordinate B notes totaling $249.0million. The trust collateral includes four of the senior pari passu A notes totaling $1.0 million and the four subordinate B notes. The principal balance for this transaction is $250.0 million as of the November 2025 remittance period.

The loan is collateralized by the borrower’s fee simple interest in a 48-story, 2.6 million-sf Class A office building located at 1633 Broadway between 50th Street and 51st Street in the Midtown West neighborhood of Manhattan. The loan sponsor is Paramount Group, Inc. (NYSE: PGRE), a REIT.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a stabilized KNCF of $100.2 million and a KBRA value of $1.34 billion ($522 per sf). The resulting in-trust KLTV is 93.5%, compared with 88.4% at last review and 83.9% at securitization. KBRA adjusted its KPO to Underperform from Perform based on the recent or upcoming departure of two large tenants.

To access ratings and relevant documents, click here.

Click here to view the report.

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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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1012704