DBRS Morningstar Assigns Ratings of A (high) (sf), Stable Trends, to Mortgage Loans Made to John Hancock Rexmere Village MHC and John Hancock Rexmere Village MHC (Add On)

DBRS, Inc. (DBRS Morningstar) assigned ratings of A (high) (sf) with Stable trends to the 4.0% Mortgage Loan Maturing January 7, 2028 (Original Loan), made to John Hancock Rexmere Village MHC and to the 4.47% Mortgage Loan Maturing January 7, 2028 (together with the Original Loan, the Mortgage Loans), made to John Hancock Rexmere Village MHC (Add On).

The Mortgage Loans are secured by Rexmere Village, a 717-unit Class A manufactured housing community (MHC) located in Fort Lauderdale, Florida. The A (high) (sf) ratings reflect: (1) the expected stability of debt payments, given strong operating history and long-term ownership; (2) a moderate loan-to-value ratio; (3) the property’s strong location in a well-established community with demand for well-amenitized MHCs; and (4) the expected partial amortization that will take place over the remaining term of the loan.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

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

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

The principal methodology is the North American Single-Asset/Single-Borrower Ratings Methodology (March 1, 2020), which can be found on dbrsmorningstar.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 Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.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.

This rating was disclosed to the John Hancock Life Insurance Company.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

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