NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to six classes of ONYP 2020-1NYP, a CMBS single-borrower securitization.
The collateral for the transaction is an $835.0 million non-recourse mortgage loan. The floating rate loan has an initial two-year term with three, one-year extension options, and requires monthly interest-only payments based on one-month LIBOR. The loan is secured by the borrower’s fee simple interest in One New York Plaza, a 50-story, Class-A, office tower containing approximately 2.6 million sf located in Downtown Manhattan. The LEED Gold certified tower includes approximately 2.5 million sf of office space, 39,219 sf of retail space, 33,726 sf of storage space, and a subterranean parking garage…
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