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KBRA Assigns Preliminary Ratings to BFLD 2019-DPLO

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of BFLD 2019-DPLO, a $460.0 million CMBS single-asset, single-borrower transaction.

The collateral for the transaction consists of a $460.0 million non-recourse, first lien mortgage loan. The floating rate loan has an initial two-year term with three one-year extension options and requires monthly interest-only payments based on one-month LIBOR plus a spread of 1.94%. The loan is secured by the borrower’s fee simple interest in The Diplomat Beach Resort Hollywood, Hilton Curio Collection, a 1,000-key, 39-story full-service beachfront hotel and resort located along Florida State Road A1A in Hollywood, Florida. The hotel opened in 2002 as the Westin Diplomat, was acquired by the sponsor in 2014 and rebranded as part of the Curio Collection by Hilton. The sponsor has spent an additional $91.6 million ($91,561 per key) on capital improvements since acquisition.

KBRA’s analysis of the transaction included a detailed evaluation of the property’s cash flow using our U.S. CMBS Property Evaluation Methodology, and the application of our U.S. CMBS Single Borrower and Large Loan Rating Methodology. The results of our analysis yielded a KBRA net cash flow (KNCF) for the property of $42.5 million. We applied a capitalization rate of 9.75% and arrived at a KBRA value of $435.6 million and a KBRA Loan to Value (KLTV) of 105.6%. In our analysis of the transaction, we also reviewed and considered third party engineering, environmental and appraisal reports; management agreement; STR reports; the results of our site inspection; and legal documentation.

For further details on KBRA’s analysis, please see our pre-sale report published at www.kbra.com. To access ratings, reports and disclosures, click here.

The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of ratings that differ from the preliminary ratings.

To access ratings, reports and disclosures, click here.

Preliminary Ratings Assigned: BFLD 2019-DPLO

Class

Initial Class Balance

Expected KBRA Rating

A

$147,300,000

AAA (sf)

X-CP

$147,300,0001

AAA (sf)

X-EXT

$147,300,0001

AAA (sf)

B

$32,500,000

AA (sf)

C

$23,400,000

AA- (sf)

D

$36,200,000

A- (sf)

E

$108,400,000

BBB- (sf)

F

$67,500,000

BB- (sf)

G

$21,600,000

B+ (sf)

HRR

$23,100,000

NR

R

N/A

NR

1

Notional balance.

 Related Publications: (available at www.kbra.com)

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical:
Laura Wolinsky, Director

(646) 731-2379

lwolinsky@kbra.com

Michael Brown, Managing Director

(646) 731-2307

mbbrown@kbra.com

Susannah Keagle, Senior Director

(646) 731-3357

skeagle@kbra.com

Sean Kane, Senior Analyst

(646) 731-3355

skane@kbra.com

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