KBRA Affirms All Ratings for CGCMT 2016-C1
10 Apr 2025 | New York
KBRA affirms all of its outstanding ratings for CGCMT 2016-C1, a $647.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited generally stable pool performance since securitization.
As of the March 2025 remittance period, there is one specially serviced asset (2.0% of the pool balance), which is in foreclosure. KBRA identified seven K-LOCs (8.9%), including the specially serviced assets. This includes one top 10 loan:
- Strathallan DoubleTree by Hilton (9th largest, 2.7% of the pool balance)
Two other K-LOCs have estimated losses:
- 46 Geary Street (2.0% of the pool balance, 42.9% estimated loss severity)
- Plaza Frontier (0.7%, 20.4%)
The remaining four K-LOCs do not have estimated losses and represent 3.6% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 87.6%, compared to 94.4% at last review and 102.2% at securitization. The KDSC is 1.68x, compared to 1.69x at last review and 1.62x at securitization.
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