DBRS Morningstar Assigns Ratings of AA, Stable Trends, to Two Mortgage Loans Made to Putnam Park Apartments, Inc.

DBRS, Inc. (DBRS Morningstar) assigned ratings of AA with Stable trends to the 3.93% Mortgage Loan Due January 10, 2042, and 5.27% Mortgage Loan Due January 10, 2042 (together, the Mortgage Loans), both made to Putnam Park Apartments, Inc.

The Mortgage Loans are secured by a 194-unit Class A/B co-operative (co-op) apartment building located at 75 Putnam Park (the Property) in Greenwich, Connecticut. The AA ratings reflect (1) the stability of debt payments provided by the co-op structure of ownership, in which 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 in a well-established commuter suburb within the New York metropolitan area; and (4) the expected 100% amortization that will take place over the remaining term of the Mortgage Loans.

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

Notes:
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 Morningstar 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 [email protected].

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