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KBRA Affirms All Ratings for WFCM 2019-C52

11 Jul 2025   |   New York

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KBRA affirms all of its outstanding ratings of WFCM 2019-C52, a $794.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since KBRA’s last ratings change in July 2024.

As of the June 2025 remittance report, there are two specially serviced loans (6.0% of the pool balance), one of which is in foreclosure (2.7%) and the other is 90+ days delinquent (3.3%). KBRA identified 15 K-LOCs (24.7%), including the special serviced loans. Of the K-LOCs, seven (12.1%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 5 Capital Plaza OF $35,716 4.5% N C N Occupancy 06/24/2024 - - 8 Sugar Creek Center OF $26,073 3.3% Y SS N Delinquent 12/29/2022 $9,724 37.3% 13 Lenox Park OF $21,586 2.7% Y SS N Specially Serviced 09/09/2022 $19,219 89.0% 18 188 Spear Street OF $18,000 2.3% N C N Tenant Issues 04/26/2023 $3,225 17.9% 19 El Con Center RT $18,000 2.3% N C N Occupancy 06/14/2020 - - 21 Mount Kemble OF $17,000 2.1% N C N Occupancy 02/15/2023 - - 26 Best Western Colorado Springs Portfolio LO $11,283 1.4% N C N DSCR 06/04/2024 - - 33 1305 Tacoma OF $8,715 1.1% N C N Occupancy 03/01/2023 $1,315 15.1% 34 54 Mint MU $8,500 1.1% N C N DSCR 07/01/2021 $2,200 25.9% 31 Central Park Plaza OF $8,108 1.0% N C N DSCR 08/07/2020 $657 8.1% 45 Plaza 273 OF $5,514 0.7% N C N Occupancy 06/28/2023 - - 49 Lofts at Ionia MF $5,500 0.7% N C N Occupancy 06/03/2025 - - 48 67 Forest Street OF $5,176 0.7% N C N Lease Rollover 06/03/2025 - - 50 Gray Falls Drive Office OF $4,966 0.6% N C N Occupancy 02/15/2023 $866 17.4% 64 707-715 East 47th Street MU $2,257 0.3% N C N Delinquent 06/03/2025 - - Total K-LOCs $196,395 24.7% $37,205 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 95.9%, compared to 99.3% at the last ratings change in July 2024 and 98.7% at securitization. The KDSC is 1.85x, compared to 1.83x at the last ratings change and 1.96x at securitization.

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.

Doc ID: 1010265

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