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Kroll Bond Rating Agency Assigns Final Ratings to GSMS-GC13 2013

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Kroll Bond Rating Agency Assigns Final Ratings to GSMS-GC13 2013 Kroll Bond Rating Agency Assigns Final Ratings to GSMS-GC13 2013-07-31 00:00:00 NEW YORK, NY (July 31, 2013) – Kroll Bond Rating Agency (KBRA) assigned its final ratings to the GSMS 2013-GC13 transaction, a $1.3 billion CMBS conduit transaction. Concurrently, we have withdrawn our preliminary ratings on the certificates, which were assigned July 11, 2013. The transaction is collateralized by 67 fixed rate commercial mortgage loans that are secured by 98 properties. The loans have principal balances ranging from $2.2 million to $150.0 million for the largest loan in the pool, which is secured by 11 West 42nd Street (11.2%), a 943,701 sf Class-A office building located in Midtown Manhattan, New York. The top five loans, which also include Mall St. Matthews (11.0%), Crossroads Center (8.0%), Plaza America Towers III & IV (7.5%) and 345 Park Avenue South (7.5%), represent 45.3% of the initial pool balance, while the top 10 loans represent 62.3%. Unless otherwise indicated, all percentages referenced are based on the approximate aggregate cut-off date balance. There are two loans, 11 West 42nd Street (11.2%) and Mall St. Matthews (11.0%), that were originated with split loan structures whereby the mortgaged property securing the loans also secures a pari passu companion loan. The 11 West 42nd Street whole loan has a balance of $300.0 million, of which an A-1 note in the amount of $150.0 million is being contributed to this transaction and the related A-2 note of $150.0 million will be securitized in a future transaction. The Mall St. Matthews whole loan has a current balance of $186.7 million, of which an A-1 note in the amount of $146.8 million is being contributed to this transaction and the related A-2 note of $39.8 million will be securitized in a future transaction. The properties in the collateral pool are located in 24 different states, with two states each representing more than 10.0% of the pool balance, New York (27.5%) and Kentucky (11.8%). The pool has exposure to three property types with exposures in excess of 10.0%, which include Office (34.5%), Retail (28.1%) and Multifamily (16.4%). KBRA’s analysis of the transaction incorporated our multi-borrower rating process that begins with our analysts' evaluation of underlying collateral properties' financial and operating performance, which determine KBRA’s estimate of sustainable net cash flow (KNCF) and KBRA value. The analysis incorporates a detailed evaluation of the underlying collateral properties’ financial and operating performance using our CMBS Property Evaluation Guidelines to determine KBRA Net Cash Flow (KNCF). The resulting KNCF for the collateral properties was 5.0% less than the issuer cash flow on a weighted average basis. KBRA capitalization rates were applied to each asset’s KNCF to derive individual property values that, on an aggregate 1 basis, were 32.3% lower than third party appraisal values. The weighted average capitalization rate for the transaction was 8.9%. The pool has an in- trust KLTV of 96.5% and an all-in KLTV of 97.9%. The KBRA credit model deploys rent and occupancy stresses, probability of default regressions, and loss given default calculations to determine losses for each collateral loan, which are then used to assign our credit ratings. Related Publications (available at www.krollbondratings.com): CMBS Presale Report: GSMS 2013-GC13 CMBS: U.S. CMBS Multi-Borrower Rating Methodology, published February 23, 2012 CMBS Property Evaluation Guidelines, published June 10, 2011 Contacts: Michael Brown 646-731-2307 [email protected] Robin Regan 646-731-2358 [email protected] 2.
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