Press Release|CMBS
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KBRA Affirms All Ratings for ROCK 2024-CNTR

23 Oct 2025   |   New York

Contacts

KBRA affirms all of its outstanding ratings for ROCK 2024-CNTR, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization. In addition, the ratings affirmations also reflect the high quality of the asset and the experience of the sponsors.

The transaction collateral consists of a $3.4 billion portion of a $3.5 billion non-recourse, first lien mortgage loan secured by the borrowers’ fee simple and partial leasehold interests in Rockefeller Center, a 7.2 million sf, Class-A mixed-use office and retail complex located in Midtown Manhattan. The loan security also includes a first priority pledge of equity interests in affiliates of the borrower that operate the various amenities and attractions at the property. Portions of the collateral are subject to two ground leases, and the borrower or an affiliate of the borrower owns the fee interest in each ground lease. Both the fee and leasehold interests for the aforementioned portion of the property are collateral for the loan. The trust notes include $1.87 billion of senior A notes and $1.53 billion of junior B notes. The loan’s sponsor is a joint venture between affiliates of Tishman Speyer and Henry Crown & Company.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $275.7 million and a KBRA value of $3.75 billion ($521 per sf). The resulting KLTV is 93.2%, a change from 93.9% at closing. KBRA assigns KPO of Perform on 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), 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: 1011927