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Presale Report COMM 2020-SBX Mortgage Trust

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Presale Report COMM 2020-SBX Mortgage Trust Presale Report COMM 2020-SBX Mortgage Trust DBRS Morningstar Capital Structure December 15, 2020 COMM 2020-SBX Mortgage Trust Commercial Mortgage Pass-Through Certificates Description Rating Action Balance ($) BLTV (%) DBRS Morningstar Rating Trend Carson Applegate Vice President Class A New Rating – Provisional 247,377,000 50.00 AAA (sf) Stable +1 312 332-9445 Class B New Rating – Provisional 54,973,000 54.41 AA (high) (sf) Stable [email protected] Class X New Rating – Provisional 342,685,000 n/a AA (sf) Stable Dan Kastilahn Class C New Rating – Provisional 40,335,000 61.04 AA (low) (sf) Stable Senior Vice President Class D New Rating – Provisional 55,837,000 70.98 A (low) (sf) Stable +1 312 332-9444 [email protected] Class E New Rating – Provisional 5,228,000 71.91 BBB (high) (sf) Stable VRR Interest n/a 21,250,000 n/a NR n/a Kevin Mammoser 1. NR = not rated. Managing Director 2. The Class X balance is notional. Class X is an IO certificate that references a single rated tranche. The IO will not have a certificate balance and +1 312 332-0136 will not be entitled to receive distributions of principal. The Class X Certificate is notional with respect to the Class A, Class B, and Class C [email protected] Certificates. 3. The VRR Interest will be retained by Deutsche Bank AG, New York Branch, as retaining sponsor, to satisfy its U.S. risk retention requirement. Erin Stafford Managing Director +1 312 332-3291 [email protected] DBRS Viewpoint Click here to see this deal. DBRS Viewpoint is an interactive, data- driven, loan and property level platform that provides users with access to DBRS Morningstar presale reports, surveillance updates, transaction information, and contextual comparable data in a user-friendly manner. Complimentary registration and access to the transaction is available. Page 2 of 35 COMM 2020-SBX | December 15, 2020 Table of Contents Capital Structure ............................................................................................................................................... 1 Table of Contents .............................................................................................................................................. 2 Collateral Spotlight ........................................................................................................................................... 3 Transaction Summary ....................................................................................................................................... 4 DBRS Morningstar Perspective ........................................................................................................................ 5 Summary of the Debt Capital Structure ........................................................................................................... 8 Collateral Summary........................................................................................................................................... 9 Market Overview ............................................................................................................................................. 14 DBRS Morningstar Site Inspection ................................................................................................................ 18 DBRS Morningstar NCF Analysis ................................................................................................................... 21 Third-Party Reports ......................................................................................................................................... 23 Ratings Rationale ............................................................................................................................................ 24 Priority of Payments ........................................................................................................................................ 26 Loan-Level Legal and Structural Features ..................................................................................................... 26 Transaction Legal and Structural Features .................................................................................................... 30 Methodologies ................................................................................................................................................ 32 Surveillance ..................................................................................................................................................... 32 Glossary ........................................................................................................................................................... 33 Definitions ....................................................................................................................................................... 34 Page 3 of 35 COMM 2020-SBX | December 15, 2020 Collateral Spotlight Page 4 of 35 COMM 2020-SBX | December 15, 2020 Transaction Summary Trust Characteristics Trust Loan Notional Balance ($) 425,000,000 No. Properties 2 Structure REMIC Property Type Mixed Use DBRS Morningstar BLTV (%) 71.91 Location(s) Seattle, Washington DBRS Morningstar ELTV (%) 71.91 DBRS Morningstar Cap Rate (%) 6.75 DBRS Morningstar Debt Yield (%) 9.39 DBRS Morningstar Value ($) 591,008,106 DBRS Morningstar DSCR (x) 3.95 Quality/Volatility Adjustment (%) 6.0 Appraised LTV (%) 51.84 Herfindahl Adjustment (%) n/a Issuer UW DSCR (x) 3.28 DBRS Morningstar NCF Variance (%) +20.60 Participants Loan Seller/Sponsor Deutsche Bank AG, New York Branch (DBNY) Depositor Deutsche Mortgage & Asset Receiving Corporation Lead Manager Deutsche Bank Securities Inc. Certificate Administrator/Trustee/Custodian Wells Fargo Bank, N.A. Master Servicer Midland Loan Services, a Division of PNC Bank, N.A. Special Servicer Situs Holdings, LLC Page 5 of 35 COMM 2020-SBX | December 15, 2020 DBRS Morningstar Perspective The COMM 2020-SBX Mortgage Trust single-asset/single-borrower transaction (COMM 2020-SBX) is collateralized by the borrower’s fee-simple interest in the Starbucks Center, a 1,434,337-sf Class A LEED Gold office building with retail, storage, and parking components, and the 108,000-sf Home Depot parcel, a single-tenant anchored retail property, in the SODO submarket of Seattle, Washington. DBRS Morningstar takes a positive view on the credit characteristics of the collateral, which serves as the global headquarters for Starbucks Corporation (Starbucks). The Starbucks Center benefits from long-term, institutional-grade tenancy with a Starbucks lease that expires in September 2038 with three 7.5-year lease extensions options remaining. DBRS Morningstar’s DSCR of 3.95x, the collateral’s WA remaining lease term of 16.4 years, and the loan’s low interest rate suggest a low term default risk profile. Starbucks’ lease expires in September 2038, which is 12.6 years and 9.6 years after the anticipated repayment date (ARD) and the stated maturity date, respectively. The ARD structure of the loan, which requires that all NCF after debt service be applied to principal during a three-year tail, coupled with Starbucks’ lease term relative to the ARD and stated maturity, reduces maturity default risk. Additionally, the ARD structure provides the sponsor with the option to sell, refinance, or keep the subject loan in place after Starbucks’ rent step in November 2025, which will more than triple Starbucks’ current base rent of $8.52 psf as of the November 1, 2020, rent roll. DBRS Morningstar estimates that utilizing income generated by Starbucks only, the loan could be paid down substantially from $425.0 million ($275.56 psf) to $343.1 million ($222.44 psf) during the 36 months from ARD to stated maturity. Strengths • Investment-Grade Tenancy: Starbucks, which is investment grade rated, represents 93.8% of the DBRS Morningstar Base Rent and qualified for LTCT treatment in DBRS Morningstar’s concluded NCF. Starbucks moved its corporate headquarters to the property in 1993 and has since expanded more than 60 times, growing to over 1.3 million sf as of the November 1, 2020, rent roll from 60,000 sf. • Below-Market Rents: Starbucks’ November 1, 2020, rental rate of $8.52 psf and the stepped-up rental rate of $28.17 psf in November 2025 are both well below the appraiser’s estimated market rent of $40.00 psf for the space. A key variable of Starbucks’ early expansion plan in 1995 with the sponsor was that Starbucks would the lease warehouse space at a low rental rate with the requirement that it would fund any building system and tenant and amenity improvements. The appraiser, Cushman & Wakefield plc (Cushman and Wakefield), concluded to a prospective market value upon NOI stabilization of $967.0 million in October 2025 for the Starbucks Center building, which represents a 38.9% positive variance over the as-is market value of $696.0 million. • Significant Tenant Investment: Starbucks has spent approximately $128.0 million of its own capital for build-outs, lobby renovations, amenities, and other projects in its space since 2015. Starbucks’ investment since 2015 has included expanding its build-out on the second and third floor as well as the research and development labs on the ground floor, renovating the east side exterior facade, and adding The Princi Bakery, The Reserve Store, and the Tryer Center (an innovation space for Starbucks’ prototype product development). Page 6 of 35 COMM 2020-SBX | December 15, 2020 • Dark Value:
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