DBRS Assigns Rating of AA, Stable Trend, to Mortgage Loan Made to North Shore Towers Apartments Incorporated

DBRS, Inc. (DBRS) assigned a rating of AA with a Stable trend to the 3.13% Mortgage Loan Due December 1, 2022 (the Mortgage Loan), made to North Shore Towers Apartments Incorporated.

The Mortgage Loan is secured by a 1,844-unit Class A/B co-operative (co-op) apartment building located at 269 Grand Central Parkway, Floral Park (the Property), in the Queens borough of New York. DBRS’s AA rating reflects (1) the stability of the debt payments provided by the co-op structure of ownership, in which co-op share owners are highly incentivized to meet their share of the loan payments to protect their ownership interest in the co-op; (2) a low loan-to-value ratio; (3) the Property’s strong location within the New York metropolitan area; and (4) the approximately $5.0 million of amortization that will take place over the term of the loan.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is the North American Single-Asset/Single-Borrower Methodology, which can be found on www.dbrs.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Global Structured Finance Related Methodologies document, which can be found on www.dbrs.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

This rating was initiated at the request of the lender.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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