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BBCMS Mortgage Trust 2020-C6

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BBCMS Mortgage Trust 2020-C6 PRESALE REPORT BBCMS Mortgage Trust 2020-C6 JANUARY 2020 STRUCTURED FINANCE: CMBS Table of Contents Capital Structure 3 Transaction Summary 4 Rating Considerations 5 DBRS Morningstar Credit Characteristics 7 Largest Loan Summary 8 DBRS Morningstar Sample 9 Transaction Concentrations 12 Loan Structural Features 13 Parkmerced 16 650 Madison Avenue 20 Kings Plaza 24 545 Washington Boulevard 29 F5 Tower 34 Exchange on Erwin 39 Bellagio Hotel and Casino 45 ExchangeRight Net Leased Portfolio #31 51 CNP Headquarters 57 Brooklyn Flats & 482 Seneca Avenue Crossed Group 61 Millikan Business Center 66 Satellite Flex Office Portfolio 71 2000 Park Lane 75 Advance Auto Parts Portfolio 79 Trinity Multifamily Portfolio 84 Methodologies 89 Glossary 91 Definitions 91 Brandon Olson Scott Kruse Senior Vice President Vice President +1 312 332 0889 +1 312 332 9448 [email protected] [email protected] Kevin Mammoser Erin Stafford Managing Director Managing Director +1 312 332 0136 +1 312 332 3291 [email protected] [email protected] Presale Report | BBCMS 2020-C6 Capital Structure Description Rating Action Balance Subordination DBRS Rating Trend Class A-1 New Rating – Provisional $14,352,000 30.000% AAA (sf) Stable Class A-2 New Rating – Provisional $88,400,000 30.000% AAA (sf) Stable Class A-SB New Rating – Provisional $26,810,000 30.000% AAA (sf) Stable Class A-3 New Rating – Provisional -- 30.000% AAA (sf) Stable Class A-4 New Rating – Provisional -- 30.000% AAA (sf) Stable Class X-A New Rating – Provisional $615,862,000 -- AAA (sf) Stable Class A-S New Rating – Provisional $105,576,000 18.000% AAA (sf) Stable Class B New Rating – Provisional $37,392,000 13.750% AA (high) (sf) Stable Class X-B New Rating – Provisional $177,060,000 -- A (high) (sf) Stable Class C New Rating – Provisional $34,092,000 9.875% A (sf) Stable Class D New Rating – Provisional $12,097,000 8.500% A (low) (sf) Stable Class X-D New Rating – Provisional $29,693,000 -- BBB (high) (sf) Stable Class E New Rating – Provisional $17,596,000 6.500% BBB (sf) Stable Class F-RR New Rating – Provisional $8,798,000 5.500% BBB (low) (sf) Stable Class G-RR New Rating – Provisional $13,198,000 4.000% BB (sf) Stable Class H-RR New Rating – Provisional $8,798,000 3.000% B (high) (sf) Stable Class J-RR New Rating – Provisional $9,897,000 1.875% B (low) (sf) Stable Class NR-RR NR $16,497,147 0.000% NR n/a Class VRR Interest NR $24,200,000 -- NR n/a Class F5T-A* New Rating – Provisional $23,085,000 78.419% A (low) (sf) -- Class F5T-B* New Rating – Provisional $26,410,000 53.730% BBB (low) (sf) -- Class F5T-C* New Rating – Provisional $28,690,000 26.909% BB (low) (sf) -- Class F5T-D* New Rating – Provisional $28,785,000 0.000% B (low) (sf) -- Class F5T-VRR Interest NR $5,630,000 -- NR n/a Notes: * DBRS Morningstar subsequently placed all of the Class F5T provisional ratings Under Review with Developing Implications because of the request for comments (RFC) on the North American Single-Asset/Single-Borrower Ratings Methodology on November 14, 2019. If the updated methodology is adopted following the RFC, there will likely be no ratings impact to the provisional ratings assigned to this transaction.: 1. NR = not rated. 2. The Class X-D, Class D, Class E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class NR-RR will be privately placed. Class VRR Interest and Class F5T-VRR Interest will be non-offered certificates. 3. The exact initial certificate balances of the Class A-3 and Class A-4 certificates are unknown and will be determined based on the final pricing of those classes of certificates. However, the respective initial certificate balances, weighted average lives and expected principal windows of the Class A-3 and Class A-4 certificates are expected to be within the applicable ranges reflected in the following chart. The aggregate initial available certificate balance of the Class A-3 and Class A-4 certificates is expected to be approximately $486,300,000, subject to a variance of plus or minus 5%. 4. The Notional Amount of the Class X-A Certificates will be equal to the aggregate Certificate Balance of the Class A-1, Class A-2,Class A-3, Class A-4 and Class A-SB Certificates outstanding from time to time. 5. The Notional Amount of the Class X-B Certificates will be equal to the aggregate Certificate Balance of the Class A-S, Class B, and Class C Certificates outstanding from time to time. 6. The Notional Amount of the Class X-D Certificates will be equal to the aggregate Certificate Balance of the Class D, and Class E Certificates outstanding from time to time. 7. The Class X-A, Class X-B and Class X-D balances are IO certificates that reference multiple rated tranches. The IO rating mirrors the lowest-rated reference tranche adjusted upward by one notch if senior in the waterfall. 8. The Class F5T-A, Class F5T-B, Class F5T-C, and Class F5T-D are loan-specific certificates (rake bonds) collateralized by the subordinate companion note for the F5 Tower whole loan. The loan-specific certificates will only be entitled to receive distributions from, and will only incur losses with respect to, the trust subordinate companion loan. The trust subordinate companion loan is included as an asset of the issuing entity but is not part of the mortgage pool backing the pooled certificates. No class of pooled certificates will have any interest in the trust subordinate companion loan. January 2020 3 Presale Report | BBCMS 2020-C6 Transaction Summary POOL CHARACTERISTICS Trust Amount ($) 904,003,147 Wtd. Avg. Interest Rate (%) 3.617 Number of Loans 45 Wtd. Avg. Remaining Term 113 Number of Properties 118 Wtd. Avg. Remaining Amortization 359 Average Loan Size ($) 20,088,959 Total DBRS Expected Amortization3 (%) -4.8 DBRS Morningstar Issuance LTV1 (%) 56.9/63.8 DBRS Morningstar Balloon LTV1 (%) 53.6/59.0 Appraised Issuance LTV1 (%) 56.6/63.4 Appraised Balloon LTV1 (%) 53.3/58.7 Wtd. Avg. DBRS Morningstar DSCR1 (x) 2.53/1.96 Wtd. Avg. Issuer Term DSCR1 (x) 2.75/2.14 Top Ten Loan Concentration (%) 53.4 Avg. DBRS Morningstar NCF Variance (%) -8.0 1. Excludes shadow-rated loans. PARTICIPANTS Issuer BBCMS Mortgage Trust 2020-C6 Depositor Barclays Commercial Mortgage Securities LLC Mortgage Loan Sellers Barclays Capital Real Estate Inc (Barclays - 16 loans, 50.5%). Societe Generale Financial Corporation (SGFC - 9 loans, 27.3%) Starwood Mortgage Capital LLC (SMC - 20 loans, 22.2%) Master Servicer Midland Loan Services, a Division of PNC Bank, National Association Special Servicer Midland Loan Services, a Division of PNC Bank, National Association Certficate Administrator Wells Fargo Bank, National Association Trustee Wells Fargo Bank, National Association Operating Advisor Pentalpha Surveillance LLC, a Delaware limited liability company January 2020 4 Presale Report | BBCMS 2020-C6 Rating Considerations The transaction consists of 45 fixed-rates loans secured by 118 commercial and multifamily properties. Two separate groups of loans are cross-collateralized and cross-defaulted into separate crossed groups, one of which has five loans and the second of which has two loans. The DBRS Morningstar analysis of this transaction incorporates these groups of loans as separate portfolios, resulting in a modified loan count of 40, and the loan number referenced within this report reflects this total. The transaction is of a sequential-pay pass-through structure. Five loans, representing 30.8% of the pool, are shadow-rated investment grade by DBRS Morningstar. The conduit pool was analyzed to determine the provisional ratings, reflecting the long-term probability of loan default within the term and its liquidity at maturity. When the cut-off loan bal- ances were measured against the DBRS Morningstar Stabilized NCF and their respective actual constants, the initial DBRS Morningstar WA DSCR of the pool was 2.53x. None of the loans had a DBRS Morningstar DSCR below 1.32x, a threshold indicative of a higher likelihood of midterm default. The pool additionally includes 14 loans, comprising a combined 14.8% of the pool balance, with a DBRS Morningstar LTV ratio in excess of 67.1%, a threshold generally indicative of above- average default frequency. The WA DBRS Morningstar LTV of the pool at issuance was 56.9%, and the pool is scheduled to amortize down to a DBRS Morningstar WA LTV of 53.6% at maturity. These credit metrics are based on A-note balances. STRENGTHS – Nine loans, representing 30.7% of the pool, are in areas identified as DBRS Morningstar Market Ranks 6, 7, and 8, which are generally characterized as highly dense urbanized areas that benefit from increased liquidity driven by consistently strong investor demand, even during times of economic stress. Markets ranked six through eight benefit from lower default frequencies than less dense suburban, tertiary, and rural markets. Urban markets represented in the deal include New York; Jersey City, New Jersey; Seattle; and Las Vegas. – Eleven loans, representing a combined 40.0% of the pool by allocated loan balance, exhibit issuance LTVs of less than 59.3%, a threshold historically indicative of relatively low-leverage financing and generally associated with below-average default frequency. – Term default risk is low, as indicated by a strong DBRS Morningstar DSCR of 2.53x. Only five loans, representing 6.9% of the allocated loan balance, have a DBRS Morningstar DSCR less than 1.50x. Even with the exclusion of the shadow-rated loans, representing 30.8% of the pool, the deal exhibits a very favorable DBRS Morningstar DSCR of 1.96x.
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