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KBRA Affirms Rating for BAMLL 2018-PARK

29 Aug 2025   |   New York

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KBRA affirms its outstanding rating for BAMLL 2018-PARK, a CMBS SASB transaction. The affirmation follows a surveillance review of the transaction, which has exhibited a decrease in KLTV since last review, however, the magnitude of the change does not warrant a rating adjustment at this time.

The trust collateral is a non-recourse first-lien mortgage loan secured by the borrower’s fee simple interest in a 48-story, 1.3 million square foot (sf), Class-A office building at 101 Park Avenue in Manhattan. The loan has an outstanding principal balance of $365.0 million ($284 per sf) as of August 2025 and does not include any additional senior or subordinate debt. The loan sponsor is Peter S. Kalikow, president of HJ Kalikow & Co., a New York City-based commercial real estate investment firm.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $44.5 million and a KBRA value of $593.2 million ($462 per sf). The resulting KLTV of 61.5% is down from 67.9% at last review but remains above 55.0% at issuance. KBRA maintains its KPO of Underperform based on the decrease in KNCF and value from issuance.

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.

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