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CIM Retail Portfolio Trust 2021-RETL

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CIM Retail Portfolio Trust 2021-RETL Presale: CIM Retail Portfolio Trust 2021-RETL July 20, 2021 PRIMARY CREDIT ANALYST Preliminary Ratings Robertfritz Mcfaddeniii New York LTV ratio Market value decline Debt yield 212-438-0353 Class Preliminary rating(i) Preliminary amount ($) (%) (%)(ii) (%)(iii) robert.mcfadden A AAA (sf) 282,600,000 37.0 75.0 22.9 @spglobal.com A-1(iv) AAA (sf) 75,000,000 47.0 68.3 18.1 SECONDARY CONTACT X-CP BBB- (sf) 420,600,000(v) N/A N/A N/A Samson Joy New York X-EXT BBB- (sf) 560,800,000(v) N/A N/A N/A + 1 (212) 438 3107 B AA- (sf) 76,100,000 57.0 61.6 14.9 samson.joy @spglobal.com C A- (sf) 57,100,000 64.5 56.5 13.2 D BBB- (sf) 70,000,000 73.7 50.3 11.5 E NR (sf) 32,200,000 77.9 47.5 10.9 F NR (sf) 24,000,000 81.1 45.3 10.5 HRR(v) NR 33,000,000 85.4 42.4 9.9 Note: This presale report is based on information as of July 20, 2021. The ratings shown are preliminary. This report does not constitute a recommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. (i)The issuer will issue the certificates to qualified institutional buyers in line with Rule 144A of the Securities Act of 1933. (ii)Reflects the approximate decline in the $1.129 billion appraised as-is value of the portfolio that would be necessary to experience a principal loss at the given rating level. (iii)Based on S&P Global Ratings' NCF and the mortgage balance. (iv)Approximate, subject to a variance of plus or minus 5%. The certificate balance of the class A-1 certificates may be decreased or such class may not be issued as a separate class altogether. Any decrease in the certificate balance of the class A-1 certificates will result in a corresponding increase in the certificate balance of the Class A certificates. If the class A-1 certificates are not issued, references to the direct sale certificates will refer to a portion of the class A certificates. (v)Notional balance. The notional amount of the class X-CP certificates will be equal to the aggregate portion balances of the A-2 portion ($211.95 mil.), the A-1-2 portion ($56.25 mil.), the B-2 portion ($57.08 mil.), the C-2 portion ($42.83 mil.) and the D-2 portion ($52.50 mil.). The notional amount of the class X-EXT certificates will equal the aggregate certificate balance of the class A, B, C, and D certificates. (v)Non-offered horizontal risk retention certificates. LTV--Loan-to-value, based on S&P Global Ratings' values. NCF--Net cash flow. HRR--Horizontal risk retention. N/A--Not applicable. NR--Not rated. Profile Expected closing date Aug. 9, 2021. Loan A two-year, floating-rate interest-only commercial mortgage loan totaling $650.0 million with three one-year extension options. Collateral Cross-collateralized and cross-defaulted first mortgage or deed of trust liens on the borrowers' fee simple interests in 111 multi- and single-tenanted retail properties, one office property, and one industrial property located across 27 states. www.standardandpoors.com July 20, 2021 1 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2691608 on the last page. Presale: CIM Retail Portfolio Trust 2021-RETL Profile (cont.) Payment structure The transaction is structured to comply with risk retention requirements by way of an eligible horizontal residual interest, the class HRR certificates. The total required credit risk retention percentage for this transaction is 5.0%. Principal payments will be made sequentially, first to the class A and A-1 certificates pro rata, then to the class B, then C, then D, then E, then F, and then HRR certificates. Interest payments will be made first to the class A, A-1, X-CP, and X-EXT certificates, pro rata, based on the interest due, and then to the class B, C, D, E, F, and HRR certificates. Realized losses are allocated in reverse sequential order, starting with the class HRR certificates. Voluntary prepayments up to the first 25.0% of the loan balance will be applied on a pro Depositor J.P. Morgan Chase Commercial Mortgage Securities Corp. Mortgage loan seller JPMorgan Chase Bank N.A. and German American Capital Corporation. Borrowers One hundred and fourteen bankruptcy remote special-purpose entities that are indirectly or wholly owned and controlled by CIM Group LLC. Servicer and special KeyBank N.A. Trustee Wells Fargo Bank N.A. Certificate Wells Fargo Bank N.A. administrator Rationale The preliminary ratings assigned to CIM Retail Portfolio Trust 2021-RETL's commercial mortgage pass-through certificates reflect S&P Global Ratings' view of the collateral's historical and projected performance, the sponsor's and managers' experience, the trustee-provided liquidity, the loan's terms, and the transaction's structure. We determined that the trust loan has a beginning and ending loan-to-value (LTV) ratio of 85.4%, based on S&P Global Ratings' value. Environmental, Social, And Governance (ESG) Our rating analysis considers a transaction's potential exposure to ESG credit factors. For CMBS, we view the exposure to environmental credit factors as above average, to social credit factors as average, and to governance credit factors as average (see "ESG Industry Report Card: Commercial Mortgage-Backed Securities," published March 31, 2021). The sector's above average exposure to environmental credit factors reflect environmental risks, such as physical climate and pollution. These risks can have serious and material effects on the value of the underlying commercial real estate backing the rated certificates--especially since CMBS pools are generally more concentrated than other highly diversified asset classes in structured finance. The transaction's exposure to environmental credit factors is in line with our sector benchmark, in our view. Our analysis of the underlying real estate we examined in the loan pool included a review of third-party appraisals and environmental site, property condition, and seismic risk assessments (when located in a high-hazard earthquake zone). We also reviewed the underlying loan documentation or a sample of the largest loans in the loan pool in conduit transactions. In particular, we looked at the property insurance requirements, the loan covenants requiring borrowers to maintain the real estate in good condition and appropriately address any exposure to environmental conditions, and any other available loan features we deemed relevant (e.g., environmental indemnity, third-party environmental guarantee, and specific cash reserve). We also reviewed the disclosed exceptions to the seller's representations and warranties to identify any other significant unmitigated environmental credit factors present in the smaller loans, if www.standardandpoors.com July 20, 2021 2 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2691608 on the last page. Presale: CIM Retail Portfolio Trust 2021-RETL applicable. Our review concluded that environmental credit factors are not key rating drivers in this transaction because these risks were adequately addressed. While the progressive decarbonization of the real estate sector by 2050 is expected to influence market values over time, we believe our current approach to evaluating stressed long-term recovery values indirectly accounts for the potential materialization of that pricing differentiation over the expected life of the transaction. In addition, our analysis does not give credit to any future actions that landlords and tenants may take to reduce their carbon footprint to support a healthier environment and preserve property value. As a result, we have not separately identified this as a material ESG credit factor in our analysis. The transaction's exposure to social and governance credit factors is in line with our sector benchmark, in our view. Strengths The transaction has the following strengths: - The mortgage loan has a moderately high debt service coverage ratio (DSCR) of 1.59x, calculated using the loan's 2.75% spread, the current weighted average LIBOR cap of 3.50%, and S&P Global Ratings' net cash flow (NCF) for the property, which is 9.0% lower than the issuer's NCF. The loan's actual DSCR, based on current LIBOR of 0.10%, the 2.75% spread, and S&P Global Ratings' NCF, is 3.49x. This figure rises to 3.78x under the issuer's NCF. - The loan is secured by first-mortgage liens on the borrower's fee simple interests in 113 properties: 50 anchored shopping centers (63.0% by allocated loan amount [ALA]), 61 single-tenant retail properties (34.7%), and one office (2.2%), and one industrial property (0.1%), both of which are single tenanted. The properties are located across the U.S. in 27 states and 85 separate markets, and the three largest geographic concentrations are in Ohio (eight properties; 8.9% by ALA), Illinois (seven; 8.9%), and Texas (eight; 8.5%). The properties have an average age of 20 years and were built between 1982 and 2015. They are uniformly rated as "Good" or "Good to Fair" by site inspection engineers. - The portfolio properties are mainly power centers anchored or shadow anchored by national retailers such as T.J. Maxx ('A'), Marshalls ('A'), Home Depot ('A'), Lowe's ('BBB+'), Best Buy ('BBB+'), Ross Dress for Less ('BBB+'), and Kohl's ('BBB-') as well as mass merchants such as Walmart ('AA') and Target ('A'), many of which are rated investment-grade by S&P Global Ratings.
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