KBRA Affirms All Ratings for WFCM 2019-C51
16 May 2025 | New York
KBRA affirms all of its outstanding ratings for WFCM 2019-C51, a $643.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization. However, the magnitude of the changes does not warrant rating adjustments at this time.
As of the April 2025 remittance period, none of the loans are specially serviced or delinquent. However, KBRA identified nine K-LOCs (31.6% of the pool balance), of which, two (9.3%) have estimated losses. These include:
Four top 10 loans (24.8%):
- 188 Spear Street (2nd largest, 7.3% of the pool balance, 17.9% estimated loss severity)
- 450-460 Park Avenue South (3rd largest, 7.0%)
- El Con Center (4th largest, 7.0%)
- The Chantilly Office Portfolio (9th largest, 3.5%)
One additional K-LOC has an estimated loss:
- 3636 North Central Avenue (2.0%, 36.2%)
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 107.6%, compared to 106.3% at last review and 100.8% at securitization. The KDSC is 1.66x, compared to 1.68x at last review and 1.80x at securitization.
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