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Kroll Bond Rating Agency Assigns Preliminary Ratings to MSCI 2015-XLF1

NEW YORK–(BUSINESS WIRE)–

Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to two classes of the MSCI 2015-XLF1 securitization, a $545.1 million large loan floating-rate CMBS transaction (see ratings listed below).

MSCI 2015-XLF1 is a CMBS large loan floating-rate transaction collateralized by five, non-recourse, first lien mortgage loans with an aggregate in-trust principal balance of $545.1 million. The senior pooled notes, together with 680 Madison Avenue, total $348.4 million and include Ashford Full Service Portfolio ($103.8 million), Ashford Select Service Portfolio ($31.4 million), and SOMA Towers ($28.2 million). Both the senior pooled and the subordinate non-pooled notes, which total $85.6 million, will be contributed to the trust. There is one non-pooled loan, Elad Portfolio, which is the sole source of cash flow for the “ELD” certificates, which are not rated by KBRA. As a result, the trust loan counts, balances, and percentages herein exclude the non-pooled Elad Portfolio loan.

The majority of the pool consists of lodging properties (50.0%) which serve as collateral for two loans, Ashford Full Service Portfolio ($103.8 million, 5 assets) and Ashford Select Service Portfolio ($31.4 million, 5 assets). Retail exposure (42.6%) is represented by 680 Madison Avenue ($185.0 million, 1 asset). The remaining property type exposure, multifamily (7.4%), consists of the SOMA Towers loan. The properties are located in ten states with three individual state exposures that represent more than 10.0% of the pool balance: New York (42.6%), California (12.7%), and Minnesota (10.2%).

KBRA’s analysis of the transaction involved a detailed evaluation of the underlying cash flows using our CMBS Property Evaluation Guidelines and the application of our CMBS Single-Borrower & Large Loan Rating Methodology. The results of the analysis yielded a KNCF for the underlying collateral properties that was, on average, 4.9% less than the issuer cash flow for the pooled loan components. KBRA applied our stressed capitalization rates to the KNCF to arrive at valuations of the underlying properties. The KBRA values were, on average, 29.7% less than the appraiser’s valuation for the pooled loan components. The resulting KBRA in-trust loan to value (KLTV) was 66.5% for the pooled loan components and the KLTV was 88.8% for the total in-trust balance, inclusive of the subordinate loan components. All of the loans have additional financing in place in the form of mezzanine debt. Inclusive of this additional debt, the weighted average all-in KLTV for the trust assets was 118.4%. As part of our analysis of the transaction, we also reviewed and considered third party engineering and environmental reports, our analysts’ site visits to the collateral properties, and the transaction structure.

Preliminary Ratings Assigned: MSCI 2015-XLF1

Class Balance Rating A $213,400,000 AAA(sf) X-CP(1) $348,400,000 NR X-EXT(1) $348,400,000 NR B $60,500,000 AA-(sf) C $45,100,000 NR D $29,400,000 NR AFS1(2) $37,100,000 NR AFS2(2) $27,600,000 NR ASL1(2) $9,100,000 NR ASL2(2) $8,000,000 NR SOMA(2) $3,800,000 NR ELD1(3) $55,100,000 NR ELD2(3) $14,100,000 NR ELD3(3) $10,300,000 NR ELD4(3) $8,200,000 NR ELD5(3) $15,900,000 NR ELD6(3) $7,500,000 NR ELDX(3) $87,700,000 NR

1 Notional amount
2 Represents a loan-specific class of certificates and is only entitled to distributions from the corresponding subordinate non-pooled component of the related mortgage loan.
3 Represents a loan-specific class that is only entitled to proceeds received with respect to the Elad Portfolio loan.

Related publications: (available at www.kbra.com)

CMBS: MSCI 2015–XLF1 Presale Report

CMBS: Single Borrower & Large Loan Rating Methodology, published August 8, 2011

CMBS Property Evaluation Guidelines, published June 10, 2011

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

FinanceLoansCMBS Contact: Kroll Bond Rating Agency, Inc.
Analytical Contacts:

Michael McGorty, (646) 731-2393

mmcgorty@kbra.com

or

Michael Brown, (646) 731-2307

mbbrown@kbra.com

or

Ken Kor, (646) 731-2339

kkor@kbra.com

or

Robin Regan, (646) 731-2358

rregan@kbra.com

or

Follow us on Twitter!
@KrollBondRating […]

Kroll Bond Rating Agency Assigns Preliminary Ratings to Hyatt Hotel Portfolio Trust 2015-HYT

NEW YORK–(BUSINESS WIRE)–

Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to the Hyatt Hotel Portfolio Trust 2015-HYT transaction (see ratings list below). Hyatt Hotel Portfolio Trust 2015-HYT is a CMBS single borrower transaction that is collateralized by a $340.0 million floating rate loan that was originated by JPMorgan Chase Bank, National Association and an affiliate of Goldman Sachs Mortgage Company. The loan has an initial two year term with three, one-year extension options. Proceeds from the mortgage loan, along with $167.0 million of mezzanine financing, $117.7 million of cash equity and a $19.0 million letter of credit contributed by the loan sponsor, were used to facilitate the acquisition of a portfolio of 38 hospitality assets.

The loan is secured by the borrower’s fee simple interests in 35 lodging properties totaling 4,530 keys, as well as the leasehold interest in three assets totaling 420 keys. Twenty-seven of the properties are select-service hotels operated under the Hyatt Place flag. These assets were built between 1990 and 2013, and range in size from 79 to 162 keys. The remaining 11 assets are extended-stay hotels operated under the Hyatt House flag. These assets were built between 1997 and 2010. All of the properties in the portfolio have been renovated since 2007, and a total of $41.0 million ($8,277 per key) has been spent on capital improvements across the portfolio from 2007 to 2014. Over 95% of the collateral properties by ALA are located in markets considered to be primary or secondary by KBRA. The primary market exposure (19.9%) includes two of the ten largest properties by ALA which equates to 9.4% of the portfolio balance. In addition, one of the portfolio’s five largest MSA concentrations is in a primary market, Boston (4.9%).

KBRA’s analysis of the transaction included a detailed evaluation of the properties’ cash flows using our CMBS Property Evaluation Guidelines, and the application of our CMBS Single Borrower & Large Loan Rating Methodology. For the purposes of our analysis, we determined KBRA net cash flow (KNCF) for each asset, and applied KBRA capitalization rates to each property’s KNCF to determine property value. KBRA adjusted this value to give partial credit in the amount of $30.0 million for a capital improvement reserve that was funded at origination. The weighted average variance to the issuer’s NCF was 2.4%, and the weighted average value variance to each property’s third party appraisal values was 34.0%. The analysis produced an aggregate KBRA value of $371.3 million and an in- trust KLTV of 91.6%.

For further details on KBRA’s analysis of the transaction, please see our Pre-Sale Report, entitled Hyatt Hotel Portfolio Trust 2015-HYT, which was published today at www.kbra.com.

The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

Preliminary Ratings Assigned: Hyatt Hotel Portfolio Trust 2015-HYT

Class Expected Rating Balance (US$) A AAA(sf) $110,070,000 X-CP AAA(sf) $289,000,000(1) X-EXT AAA(sf) $340,000,000(1) B AA-(sf) $40,130,000 C A-(sf) $29,800,000 D BBB-(sf) $43,000,000 E BB-(sf) $62,100,000 F B-(sf) $54,900,000

(1)Notional balance.

17g-7 Disclosure:

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report entitled Hyatt Hotel Portfolio Trust 2015-HYT 17g-7 Disclosure Report.

Related publications: (available at www.kbra.com)

CMBS Presale: Hyatt Hotel Portfolio Trust 2015-HYT

CMBS Property Evaluation Guidelines, published June 10, 2011

CMBS Single Borrower & Large Loan Rating Methodology, published February 23, 2012

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

BondsFinanceHyatt Hotel Contact: Analytical Contacts:

Laura Wolinsky, (646) 731-2379

lwolinsky@kbra.com

or

Ken Kor, (646) 731-2339

kkor@kbra.com

or

Robin Regan, (646) 731-2358

rregan@kbra.com

or

Michael B. Brown, (646) 731-2307

mbbrown@kbra.com […]

Kroll Bond Rating Agency Assigns Preliminary Ratings to BAMLL 2014-FL1

NEW YORK–(BUSINESS WIRE)–

Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of the BAMLL 2014-FL1 securitization, a $432.6 million large loan floating rate CMBS transaction (see ratings listed below).

Two of the loans have been participated into senior pooled and subordinate non-pooled participations, both of which will be contributed to the trust. Proceeds received in connection with the senior participations and the non-participated loans will be used to make distributions on the pooled certificates and each of the non-pooled subordinate participations serves as the sole source of cash flow for a loan-specific class of certificates. Unless otherwise indicated, all percentage references reflect the aggregate in-trust balance of both the pooled and non-pooled components.

The trust assets consist of Lynnhaven Mall (54.3%), PGA National Resort & Spa (22.2%), Warner Center Marriott (11.9%) and Estancia La Jolla Hotel & Spa (11.6%). Each mortgage loan is secured by a single property. The related borrowers have a fee simple interests in three collateral properties (88.4%) and leasehold interest in one property, Estancia La Jolla Hotel & Spa (11.6%). The properties are located in three states, Virginia (54.3%, 1 property), California (23.5%, 2) and Florida (22.2%, 1). The pool has exposure to two property types, retail (54.3%) and lodging (45.7%), and the lodging exposure is comprised of two resort properties (33.8%) and one full service hotel (11.9%).

KBRA’s analysis of the transaction involved a detailed evaluation of the underlying cash flows using our CMBS Property Evaluation Guidelines and the application of our CMBS Single-Borrower & Large Loan Rating Methodology. The results of the analysis yielded a KNCF for the underlying collateral properties that was, on average, 2.5% less than the issuer cash flow. KBRA applied our stressed capitalization rates to the KNCF to arrive at valuations of the underlying properties. The KBRA values were, on average, 30.4% less than the appraiser’s valuation. The resulting KBRA loan to value (KLTV) was 85.7% for the pooled loans and 88.8% for the total in-trust balance. The financing for three of the properties (45.7%) also includes $89.9 million of debt held outside the trust in the form of $44.9 million of mezzanine debt, a $23.0 million subordinate B-note, and $22.0 million of preferred equity. Inclusive of this additional debt, the weighted average all-in KLTV was 106.5%. As part of our analysis, we also reviewed and considered third party engineering and environmental reports, our analysts’ site visits to the collateral properties, and the loan and securitization structures.

For complete details on the analysis, please see our presale report, BAMLL 2014-FL1 published today at www.kbra.com. The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

Preliminary Ratings Assigned: BAMLL 2014-FL1

Class Balance Expected Rating A $197,147,000 AAA(sf) X-CP(1) $418,953,000 AAA(sf) X-EXT(1) $418,953,000 AAA(sf) B $55,223,000 AA-(sf) C $38,875,000 A-(sf) D $54,845,000 NR E $72,863,000 NR ELJ(2) $8,285,000 NR PGA(2) $5,397,000 NR

1 Notional amount

2 Represents a loan-specific class of certificates and is only entitled to distributions from the corresponding subordinate non-pooled participation in the related mortgage loan.

Related publications: (available at www.kbra.com)

CMBS: BAMLL 2014-FL1 Presale Report

CMBS: Single Borrower & Large Loan Rating Methodology, published August 8, 2011

CMBS Property Evaluation Guidelines, published June 10, 2011

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

BondsFinancemortgage loanCMBS Contact:

Kroll Bond Rating Agency

Aleksandra Simanovsky, 646-731-2434

asimanovsky@kbra.com

or

Robin Regan, 646-731-2358

rregan@kbra.com

or

Michael Brown, 646-731-2307

mbbrown@kbra.com

or

John Grosso, CFA, 646-731-2401

jgrosso@kbra.com […]

Kroll Bond Rating Agency Assigns Preliminary Ratings to COMM 2014-FL5

NEW YORK–(BUSINESS WIRE)–

Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of the COMM 2014-FL5 securitization, a $557.1 million large loan floating rate CMBS transaction (see ratings listed below).

The collateral for the transaction consists of six first-lien mortgage loans, five of which have been bifurcated into a senior pooled component and one or more subordinate non-pooled components totaling $377.9 million and $119.2 million, respectively. Each subordinate non-pooled loan component serves as the sole source of cash flow for a loan-specific class of certificates, none of which are rated by KBRA. In addition, one loan Sava II Portfolio ($60.0 million), will not be pooled and proceeds received with respect to this loan are the sole source of cash flow for the Class “SV” certificates which are not rated by KBRA. As a result, the trust loan counts, balances and percentages herein exclude the non-pooled Sava II Portfolio loan.

The pooled senior loan components consist of K Hospitality Portfolio ($113.9 million), Peachtree Center Portfolio ($117.4 million), Hilton Fort Lauderdale ($58.3 million), Park Central ($50.9 million), and Marriott Fairview Park ($37.5 million). The majority of the pool consists of lodging properties (61.9%) which serve as collateral for three loans, K Hospitality Portfolio ($113.9 million, 20 assets), Hilton Fort Lauderdale ($58.3 million, 1 asset), and Marriott Fairview Park ($37.5 million, 1 asset). Office assets (32.9%) secure the Marriott Fairview Park loan ($37.5 million, 1 asset) and a large component of the Peachtree Center Portfolio loan ($117.4 million, 6 assets). The remaining property type exposures consist of the parking (2.7%, 3 assets) and retail (2.4%, 1 asset) components of the Peachtree Center Portfolio loan. The properties are located in seven states with three individual state exposures that represent more than 10.0% of the pool balance: Texas (32.2%), Georgia (25.3%) and Florida (17.5%).

KBRA’s analysis of the transaction involved a detailed evaluation of the underlying cash flows using our CMBS Property Evaluation Guidelines and the application of our CMBS Single-Borrower & Large Loan Rating Methodology. The results of the analysis yielded a KNCF for the underlying collateral properties that was, on average, 3.4% less than the issuer cash flow for the pooled loan components. KBRA applied our stressed capitalization rates to the KNCF to arrive at valuations of the underlying properties. The KBRA values were, on average, 34.9% less than the appraiser’s as-is valuation for the pooled loan components. The resulting KBRA in-trust loan to value (KLTV) was 68.9% for the pooled loan components and the KLTV was 90.9% for the total in-trust balance, inclusive of the subordinate loan components. Four of the five pooled loans have additional financing in place in the form of mezzanine debt. Inclusive of this additional debt, the weighted average all-in KLTV for the trust assets was 114.9%. As part of our analysis of the transaction, we also reviewed and considered third party engineering and environmental reports, our analysts’ site visits to the collateral properties, and the transaction structure.

For complete details on the analysis, please see our presale report, COMM 2014-FL5 published today at www.kbra.com. The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

Preliminary Ratings Assigned: COMM 2014-FL5

Class Balance Expected Rating A $210,399,000 AAA(sf) X-CP(1) $377,863,000 AAA(sf) X-EXT(1) $377,863,000 AAA(sf) B $60,706,000 AA-(sf) C $31,547,000 A-(sf) D $75,211,000 NR KH1(2) $32,750,000 NR KH2(2) $21,045,200 NR HFL1(2) $16,772,000 NR HFL2(2) $11,959,000 NR MFP1(2) $10,375,000 NR MFP2(2) $5,098,000 NR PC1(2) $9,197,000 NR PC2(2) $3,390,000 NR PCH(2) $8,632,000 NR SV1(3) $25,622,000 NR SV-X-CP(3) $60,000,000 NR SV-X-EXT(3) $60,000,000 NR SV2(3) $10,018,000 NR SV3(3) $10,356,000 NR SV4(3) $13,995,000 NR 1 Notional amount 2 Represents a loan-specific class of certificates and is only entitled to distributions from the corresponding subordinate non-pooled component of the related mortgage loan.

3 Represents a loan-specific class that is only entitled to proceeds received with respect to the Sava II Portfolio loan.

17g-7 Disclosure

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found here.

Related publications (available at www.kbra.com):

CMBS: COMM 2014-FL5 Presale Report
CMBS: Single Borrower & Large Loan Rating Methodology, published August 8, 2011
CMBS Property Evaluation Guidelines, published June 10, 2011

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

BondsLoansCMBS Contact: Kroll Bond Rating Agency
Analytical:

Aleksandra Simanovsky, 646-731-2434

asimanovsky@kbra.com

or

Robin Regan, 646-731-2358

rregan@kbra.com

or

Michael Brown

John Grosso

646-731-2307

mbbrown@kbra.com […]

Kroll Bond Rating Agency Assigns Preliminary Ratings to JPMCC 2014-FL6

NEW YORK–(BUSINESS WIRE)–

Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of JPMCC 2014-FL6, a $504.0 million large loan floating rate CMBS transaction (see ratings listed below).

The collateral for this transaction consists of thirteen mortgage loans secured by the related borrowers’ interests in forty collateral properties. Ten (72.4%) of the thirteen loans have been divided into a senior pooled component and a subordinate non-pooled component. The aggregate pooled trust balance, which also includes the three non-componentized loans, is $410.0 million and the total non-pooled component balance is $94.0 million. Each non-pooled loan component serves as the sole source of cash flow for a loan-specific class of certificates. Unless otherwise specified, all pool percentage references reflect the aggregate in-trust balance of the pooled and non-pooled components.

Eleven loans (83.2%) are secured by the borrowers’ fee simple interests in the related properties. Two loans, Hyatt Regency DFW (2nd largest, 12.7%) and Hilton Scottsdale Resort & Villas (11th largest, 4.1%), are secured by the borrower’s leasehold interests in the related properties. There are three property type exposures which exceed 10.0% of the pool, which include lodging (47.3%), office (34.8%), and retail (13.4%). The loan collateral is located in twelve states, four of which represent more than 10.0% of the pool balance, Florida (21.9%), Texas (12.7%), Georgia (11.1%), and Washington DC (10.5%).

KBRA’s analysis of the transaction involved a detailed evaluation of the underlying cash flows using our CMBS Property Evaluation Guidelines and the application of our CMBS Single-Borrower & Large Loan Rating Methodology. The results of the analysis yielded KNCF for the underlying collateral properties that was, on average, 2.1% less than issuer cash flow. KBRA applied our stressed capitalization rates to KNCF to arrive at valuations of the underlying properties. The KBRA values were, on average, 34.5% less than the appraiser’s as-is valuation. The resulting KBRA in-trust Loan to Value (KLTV) was 86.6%. All of the loans have additional financing in the form of mezzanine debt. The weighted average all-in KLTV for the loans was 127.6%. As part of our analysis of the transaction, we also reviewed and considered third party engineering and environmental reports, our analysts’ site visits of the collateral properties, and the transaction structure.

For complete details on the analysis, please see our presale report, JPMCC 2014-FL6 published today at www.kbra.com. The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

Preliminary Ratings Assigned: JPMCC 2014-FL6

Class Balance Expected Rating A $282,800,000 AAA(sf) X-CP(1) $409,600,000 AAA(sf) X-EXT(1) $409,600,000 AAA(sf) B $40,600,000 AA-(sf) C $31,500,000 A-(sf) D $55,060,000 NR DFW1(2) $12,800,000 NR DFW2(2) $6,900,000 NR MTP1(2) $8,200,000 NR MTP2(2) $13,800,000 NR PHW1(2) $9,400,000 NR PHW2(2) $6,100,000 NR BAT1 (2) $6,400,000 NR BAT2 (2) $1,037,000 NR VINE (2) $3,100,000 BB-(sf) WCP1 (2) $3,300,000 BB-(sf) WCP2 (2) $3,900,000 NR TLAN (2) $2,130,000 NR FMS1 (2) $4,100,000 BB(sf) FMS2 (2) $3,750,000 B-(sf) HSRV (2) $4,700,000 NR BWT1 (2) $2,200,000 NR BWT2 (2) $2,200,000 NR

1 Notional amount.

2 Represents a loan-specific class of certificates and is only entitled to distributions from a subordinate non-pooled component of the related mortgage loan.

Related publications: (available at www.kbra.com)

CMBS: JPMCC 2014-FL6 Presale Report

CMBS: Single Borrower & Large Loan Rating Methodology, published August 8, 2011

CMBS Property Evaluation Guidelines, published June 10, 2011

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

BondsFinanceCMBS Contact: Analytical:

Kroll Bond Rating Agency, Inc.

Sacheen Shah, 646-731-2417

sshah@kbra.com

or

Michael B. Brown, 646-731-2307

mbbrown@kbra.com

or

Robin Regan, 646-731-2358

rregan@kbra.com

or

Follow us on Twitter!
@KrollBondRating […]

Kroll Bond Rating Agency Assigns Preliminary Ratings to JPMCC 2014-FL5

NEW YORK–(BUSINESS WIRE)–

Kroll Bond Rating Agency, Inc. (KBRA) is pleased to announce the assignment of preliminary ratings to 21 classes of JPMCC 2014-FL5, a $671.3 million large loan floating rate CMBS transaction (see ratings listed below).

The collateral for the transaction consists of ten first-lien mortgage loans, with eight loans (92.4%) secured by hospitality properties and the remaining loans (7.6%) secured by office properties. Nine (96.9%) of the ten loans have been participated into a pooled component and a non-pooled component, which total $516.7 million and $154.6 million, respectively. Each non-pooled loan component serves as the sole source of cash flow for a loan-specific class of certificates.

KBRA’s analysis of the transaction involved a detailed evaluation of the underlying cash flows using our CMBS Property Evaluation Guidelines and the application of our CMBS Single-Borrower & Large Loan Rating Methodology. The results of the analysis yielded KNCF for the underlying collateral properties that was, on average, 3.1% less than issuer cash flow. KBRA applied our stressed capitalization rates to KNCF to arrive at valuations of the underlying properties. The KBRA values were, on average, 41.7% less than the appraiser’s as-is valuation. The resulting KBRA in-trust Loan to Value (KLTV) was 78.8%. Six loans (52.0%) have additional financing in the form of mezzanine debt and three loans (27.1%) have subordinate B-notes in place. The weighted average all-in KLTV for the loans was 111.3%. As part of our analysis of the transaction, we also reviewed and considered third party engineering and environmental reports, our analysts’ site visits of the collateral properties, and the transaction structure.

For complete details on the analysis, please see our presale report, JPMCC 2014-FL5 published today at www.kbra.com. The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

Preliminary Ratings Assigned: JPMCC 2014-FL5

Class Balance Expected Rating A $300,500,000 AAA(sf) X-CP(1) $516,700,000 AAA(sf) X-EXT(1) $516,700,000 AAA(sf) B $76,400,000 AA-(sf) C $57,300,000 A-(sf) D $82,500,000 NR RH(2) $29,300,000 BB-(sf) FH1(2) $26,400,000 BB-(sf) FH2(2) $21,600,000 B(sf) DBM(2) $7,700,000 NR BRS1(2) $16,800,000 BB-(sf) BRS2(2) $17,400,000 NR DFW(2) $13,200,000 NR ESA1(2) $8,600,000 NR ESA2(2) $2,600,000 NR OVL(2) $1,250,000 A-(sf) RVW1(2) $1,900,000 BB-(sf) RVW2(2) $1,600,000 B(sf) RPD(2) $6,200,000 NR

1 Notional amount. 2 Represents a loan-specific class of certificates and is only entitled to distributions from a non-pooled interest in the related mortgage loan.

Related publications (available at www.kbra.com):

CMBS: JPMCC 2014-FL5 Presale Report

CMBS: Single Borrower & Large Loan Rating Methodology, published August 8, 2011

CMBS Property Evaluation Guidelines, published June 10, 2011

Follow us on Twitter!

@KrollBondRating

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

BondsFinanceCMBS Contact: Analytical Contacts:

Kroll Bond Rating Agency

Michael McGorty, 646-731-2393

mmcgorty@kbra.com

or

Michael B. Brown, 646-731-2307

mbbrown@kbra.com

or

Robin Regan, 646-731-2358

rregan@kbra.com […]

Kroll Bond Rating Agency Assigns Preliminary Ratings to JPMCC 2014-INN

NEW YORK–(BUSINESS WIRE)–

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to the JPMCC 2014-INN transaction (see ratings list below). JPMCC 2014-INN is a CMBS single borrower transaction that is collateralized by a $635.0 million, floating rate loan that was originated by JPMorgan Chase Bank, National Association. The loan has an initial two year term with three, one-year extension options. Proceeds from the mortgage loan, along with $205.0 million of mezzanine financing and approximately $208.0 million of new cash equity contributed by the loan sponsor, were used to facilitate the acquisition of the majority interest in a portfolio of 47 hospitality assets.

The loan is secured by the borrowers’ fee simple interests in 46 hospitality properties and leasehold interest in one hospitality property. The properties consists of 36 extended-stay properties (74.6%), nine limited-service properties (20.6%) and two full-service properties (4.8%) located in 30 different MSAs in 16 states. The properties are operated under flags including Residence Inn by Marriott (30 properties, 60.8%), Hyatt House (five properties, 13.0%), Hampton Inn (five properties, 9.8%), Courtyard by Marriott (three properties, 7.2%), Westin (one property, 3.7%), Sheraton Four Points (one property, 3.6%), Sheraton (one property, 1.1%) and TownePlace Suites by Marriott (one property, 0.8%).

KBRA’s analysis of the transaction included a detailed evaluation of the properties’ cash flows using our CMBS Property Evaluation Guidelines, and the application of our CMBS Single Borrower & Large Loan Rating Methodology. For the purposes of our analysis, we determined KBRA net cash flow (KNCF) for each asset, and applied KBRA capitalization rates to each property’s KNCF to determine property value. KBRA Adjusted this value to give partial credit for the upfront capital improvement reserves in the amount of $80.25 million that were funded into a reserve account at loan origination. The weighted average variance to the issuer’s NCF was 1.1%, and the weighted average value variance to each property’s third party appraisal values was 32.7%. The analysis produced an aggregate KBRA value of $707.8 million and an in trust KLTV of 89.7%.

For further details on KBRA’s analysis of the transaction, please see our Pre-Sale Report, entitled JPMCC 2014-INN, which was published today at www.krollbondratings.com.

The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

Preliminary Ratings Assigned: JPMCC 2014-INN

Class Expected Rating KLTV Balance (US$) A AAA (sf) 30.1% 213,240,000 X-CP* AAA (sf) N/A 508,000,000 X-EXT* AAA (sf) N/A 635,000,000 B AA- (sf) 41.1% 77,760,000 C A- (sf) 49.3% 57,700,000 D BBB-(sf) 61.0% 83,300,000 E BB-(sf) 79.0% 127,200,000 F B(sf) 89.7% 75,800,000

*Balance represents notional amount.

17g-7 Disclosure:

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report entitled JPMCC 2014-INN 17g-7 Disclosure Report.

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Related publications:
CMBS Property Evaluation Guidelines, published June 10, 2011
CMBS Single Borrower & Large Loan Rating Methodology, published August 8, 2011

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

BondsFinanceCMBS Contact: Analytical:

Kroll Bond Rating Agency

Michael B. Brown, 646-731-2307

mbbrown@kbra.com

or

Keith Kockenmeister, 646-731-2349

kkockenmeister@kbra.com

or

Anna Hertzman, 646-731-2367

ahertzman@kbra.com

or

Robin Regan, 646-731-2358

rregan@kbra.com […]

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