DBRS Morningstar Changes Trends on All Classes of GS Mortgage Securities Trust 2013-G1 to Stable from Negative.
ENPNewswire-September 28, 2021--DBRS Morningstar Changes Trends on All Classes of GS Mortgage Securities Trust 2013-G1 to Stable from Negative
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Release date- 27092021 - DBRS Limited (DBRS Morningstar) confirmed its ratings on the Commercial Mortgage Pass-Through Certificates, Series 2013-G1 issued by GS Mortgage Securities Trust 2013-G1 as follows.
Class A-1 at AAA (sf)
Class A-2 at AAA (sf)
Class X-A at AAA (sf)
Class B at AA (sf)
Class C at A (sf)
Class D at BBB (low) (sf)
Class DM at BB (sf)
DBRS Morningstar also changed the trends on all ratings to Stable from Negative.
The rating confirmations and Stable trends are generally reflective of DBRS Morningstar's outlook for the continued improvement in performance of the underlying loans, all of which are backed by mall property types. All three loans have been kept current since the start of the Coronavirus Disease (COVID-19) pandemic, with no relief requests processed to date. Performance has been generally healthy, with none of the loans on the servicer's watchlists, and the sponsors appear committed to the respective loans and collateral assets, all of which are generally well positioned as further described below.
The trust collateral consists of three fixed-rate loans individually secured by two outlet malls and one regional mall: Great Lakes Crossing Outlets (Auburn Hills, Michigan), Katy Mills (Katy, Texas), and Deptford Mall (Deptford, New Jersey), located in established suburban markets outside of Detroit, Houston, and Philadelphia, respectively. The three loans reported an aggregate outstanding principal balance of $492.2 million as of the September 2021 remittance, representing a collateral reduction of 13.3% from issuance because of scheduled loan amortization on the Great Lakes Crossing Outlets and Deptford Mall loans. The Katy Mills loan is interest only (IO) for the entire term.
Great Lakes Crossing Outlets, representing 37.4% of the allocated pool balance, is secured by a 1.1 million-square-foot (sf) portion of a 1.4 million-sf outlet center in Auburn Hills, built in 1998 and renovated in 2010 by the former sponsor, Taubman Centers, Inc. (Taubman). Taubman was acquired by Simon Property Group (Simon) in late 2020; Simon is now the loan sponsor, and a Simon affiliate serves as the property manager. The 30-year loan matures in January 2023 and amortizes according to a 30-year schedule. The loan is shadow anchored by a 25-screen AMC Theatres location as well as a Bass Pro Shops Outdoor World. As of the September 2021 rent roll, the collateral was 89.7% occupied, a slight decrease from 92.6% at YE2020. The largest collateral tenants at the property are Burlington Coat Factory (7.2% of net rentable area (NRA); lease expires in January 2030), Round 1 Bowling & Amusement (Round 1; 5.2% of NRA; lease expires in September 2027), Forever 21 (4.2% of NRA; lease expires in January 2023), and Bed Bath & Beyond (3.9% of NRA; lease expires in January 2025). The property's tenant mix, which includes traditional retailers, outlet formats, and entertainment options, mimics the 'Mills' properties owned and operated by Simon, such as the Katy Mills property discussed...
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