BX Commercial Mortgage Trust 2020-VIVA CMBS SASB/LARGE LOAN COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-VIVA Presale Report
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BX Commercial Mortgage Trust 2020-VIVA CMBS SASB/LARGE LOAN COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-VIVA Presale Report DBRS Morningstar Contacts Provisional Ratings (as of March 5, 2020) Balance/ DBRS Morningstar DBRS Morningstar DBRS Morningstar DBRS Morningstar Credit-Support Class Notional Amount ($) Provisional Rating DSCR (x) BLTV (%) ELTV (%) Level (%) LEAD ANALYST Offered Certificates Michael Fedorochko Class A (1) 753,102,000 AAA (sf) 7.47 35.94 35.94 45.52 (1) 1,366,670,000 A (high) (sf) - - - - +1 646 560-4551 Class X (1) [email protected] Class B 257,983,000 AA (low) (sf) 5.92 45.40 45.40 31.19 Class C 355,585,000 A (sf) 5.01 53.63 53.63 18.71 Class D 377,720,000 BBB (sf) 4.31 62.37 62.37 5.46 Class E 155,610,000 BBB (low) (sf) 4.07 65.97 65.97 0 ANALYTICAL MANAGER In determining the provisional ratings on each class of securities issued by the trust, DBRS Morningstar analyzed the properties securing the loan as enumerated herein to determine a concluded Greg Haddad net cash flow (NCF) and value based primarily on the direct capitalization approach. For more information on DBRS Morningstar’s approach to analyzing and assigning ratings to single- asset/single-borrower transactions, please refer to DBRS Morningstar’s North American Single Asset/Single-Borrower Ratings Methodology document. +1 646 560-4590 [email protected] (1) The exact aggregate Cut-off Date principal balances of the Senior Trust Notes and the Companion Loan Notes (collectively, the “Senior Notes”) and the Junior Trust Notes are unknown and will be determined at or prior to pricing, however, (i) the aggregate Cut-off Date principal balance of all Senior Notes is expected to be within a range of $1,634,200,000 and $1,942,100,000, (ii) the aggregate Cut-off Date principal balance of the Companion Loan Notes is expected to be within a range of $400,000,000 and $1,000,000,000, (iii) the aggregate Cut-off Date principal balance of the Senior Trust Notes is expected to be within a range of $634,200,000 and $942,100,000, and (iv) the aggregate Cut-off Date principal balance of the Junior Trust Notes is expected to be within HEAD OF NORTH AMERICAN CMBS a range of $1,057,900,000 and $1,365,800,000. As such, the aggregate Cut-off Date principal balances of the Senior Trust Notes, the Companion Loan Notes and the Junior Trust Notes and, accordingly, the Trust Loan, as well as certain of the metrics set forth in this document are subject to change. Erin Stafford The Senior Trust Notes will back the Class A and may also back a portion of the Class B Certificates. Accordingly, the exact initial Certificate Balance of the Class A and Class B Certificates and the +1 212 548-6394 initial Notional Amount of the Class X Certificates are unknown and will be determined at the time the aggregate Cut-off Date principal balances of the Senior Trust Notes, the Companion Loan Notes and the Junior Trust Notes are determined. The aggregate initial Certificate Balance of the Class A and Class B Certificates and the initial Notional Amount of the Class X Certificates are [email protected] expected to be within the ranges set forth below, in each case subject to a variance of plus or minus 5%. Class A Expected Range of Initial Certificate Balance - $602,490,000 – $1,232,735,000 Class B Expected Range of Initial Certificate Balance - $257,983,000 – $408,595,000 Class X Expected Range of Notional Amount - $1,366,670,000 – $1,936,670,000 BUSINESS DEVELOPMENT Estimated Closing Date: March 19, 2020 Greg Murdock Solely to the extent and subject to the scope of review enumerated herein, this report and the provisional ratings noted above address certain credit risks and the extent to which the payment +1 301 309-0894 stream of the collateral is adequate to make payments required under the certificates based on information identified as subject to review herein and to the extent provided to Morningstar Credit [email protected] Ratings, LLC, or DBRS, Inc. (collectively, DBRS Morningstar) on the arranger’s website for this transaction as of March 5, 2020. The below analysis further reflects the ratings analysis related to these provisional ratings. Investors should be aware that the proposed transaction and certain documents related thereto are not finalized. Following DBRS Morningstar’s receipt of final information and documentation, and the completion of DBRS Morningstar’s review of such information and documentation, DBRS Morningstar may issue final ratings. Such final ratings may differ WEBSITE from the provisional ratings enumerated herein. The provisional ratings and subsequent surveillance are provided on an arranger- or issuer-paid basis. Ongoing Surveillance Statement www.dbrsmorningstar.com DBRS Morningstar will perform surveillance on the ratings enumerated herein subject to its North American CMBS Surveillance Methodology. VIEWPOINT This report is an opinion and does not constitute an offer to sell or a solicitation of an offer to buy any securities, and it may not be used or circulated in connection with any such offer or solicitation. DBRS Morningstar publishes its current Form NRSRO and exhibits thereto on its website(s), which may include www.morningstarcreditratings.com and www.dbrsmorningstar.com. DBRS Morningstar maintains internal policies and procedures to manage conflicts, which may include payment structures for ratings. Transaction Spotlight Collateral First-priority deed of trust secured by the Mortgage Loan Seller(s) Citi Real Estate Funding Inc., Barclays Capital Real Estate Inc., fee simple interest in the MGM Grand German American Capital Corporation, Societe Generale and Mandalay Bay in Las Vegas, NV Financial Corporation Trust Loan Notional Balance ($) 2,000,000,000 Depositor Citigroup Commercial Mortgage Securities Inc. Structure Sequential-pay REMIC Trustee Wilmington Trust, National Association (1) Morningstar U/W DSCR (x) 4.07 Certificate Administrator and Custodian Citibank, N.A. (1) Morningstar U/W Debt Yield (%) 14.68 Master Servicer KeyBank National Association (2) Morningstar U/W BLTV (%) 65.97 Special Servicer Situs Holdings, LLC (2) Morningstar U/W ELTV (%) 65.97 (1) Current debt service coverage is the current coverage based on the loan payment terms for each loan at the time of securitization. Current DSCR accounts for the fact that certain loans pay interest only for at least a portion of their loan term. Amortizing debt service coverage is calculated using Morningstar’s underwritten NCF and the debt service payment at the time principal amortization begins. This figure represents the DSCR on a look-through basis, not the DSCR on the master lease payment. (2) DBRS Morningstar’s U/W BLTV and ELTV are weighted average ratios based on each loan’s LTV and the related beginning and ending loan amounts. www.dbrsmorningstar.com 1 BX Commercial Mortgage Trust 2020-VIVA Table of Contents Collateral Spotlight ....................................................................................................................................................................................................................................... 3 Transaction Overview ................................................................................................................................................................................................................................... 4 Collateral Summary ....................................................................................................................................................................................................................................... 9 Market Summary......................................................................................................................................................................................................................................... 15 Site Inspection Photos ................................................................................................................................................................................................................................ 19 DBRS Morningstar Cash Flow Analysis and Valuation ............................................................................................................................................................................. 21 Rating Rationale .......................................................................................................................................................................................................................................... 24 Loan Summary ............................................................................................................................................................................................................................................ 25 Securitization Trust Summary ..................................................................................................................................................................................................................... 30 Reserve Accounts........................................................................................................................................................................................................................................ 33 Third-Party Reports ....................................................................................................................................................................................................................................