KBRA Affirms All Ratings for DATA 2023-CNTR
18 Jul 2025 | New York
KBRA affirms all of its outstanding ratings for DATA 2023-CNTR, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.
The collateral for the transaction is a $450.0 million non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in a two-building data center complex containing a gross building area (GBA) of 790,339 sf with 67.4 megawatts (MW) of rentable power located in Elk Grove Village, Illinois, approximately 23 miles northwest of the Chicago CBD. The sponsors of the borrower are Digital Realty Trust, L.P. (Digital Realty) and GI Partners ETS Fund LP (GI Partners).
The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $48.2 million and a KBRA value of $550.5 million ($697 per sf / $8.2 million per MW). The resulting KLTV is 81.7%, in line with the KLTV of 81.0% at last review and securitization. KBRA maintains the loan’s KPO of Perform due to stable performance since issuance.
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