DBRS Morningstar Confirms All Ratings of J.P. Morgan Chase Commercial Mortgage Securities Trust 2017-FL10.
ENPNewswire-September 16, 2021--DBRS Morningstar Confirms All Ratings of J.P. Morgan Chase Commercial Mortgage Securities Trust 2017-FL10
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Release date- 15092021 - DBRS, Inc. (DBRS Morningstar) confirmed the ratings on all classes of Commercial Mortgage Pass-Through Certificates, Series 2017-FL10 issued by J.P. Morgan Chase Commercial Mortgage Securities Trust 2017-FL10 as follows.
Class D at BBB (sf)
Class E at BB (sf)
Class X-EXT at BBB (high) (sf)
DBRS Morningstar changed the trends on Classes D and X-EXT to Stable from Negative. The trend on Class E remains Negative as the underlying collateral continues to face performance challenges associated with the Coronavirus Disease (COVID-19) pandemic.
At issuance, the transaction consisted of payment streams from six mortgage loans originally backed by 14 commercial real estate properties. The transaction currently has one loan remaining in the pool, The Park Hyatt Beaver Creek Resort, with a current trust balance of $45.0 million and a subordinate B note of $22.5 million. The interest-only loan had an initial maturity date in April 2019 followed by three 12-month extension options. The borrower has exercised all three of its extension options extending the loan to its final maturity date of April 2022. Funds from issuance, coupled with the borrower's equity contribution of $83.4 million, or 57.3% of total acquisition cost, were used to fund the purchase of the collateral for $145.5 million.
The collateral is a six-story, upscale, full-service hotel in the center of Beaver Creek Village, approximately 100 miles west of the Denver central business district. The hotel originally opened in 1989 and was renovated between 2013 and 2016. The surrounding area includes various commercial outlets, restaurants, entertainment, and various other services available to guests. The hotel has 190 guest rooms with more than 20,000 square feet (sf) of meeting space spread among 15 meeting rooms, a 30,000-sf spa, and 18,000 sf of retail across eight tenants.
Loan collateral encompasses two condominium associations: Hotel A and Village Hall. The Hotel A association consists of guest rooms, a spa, a restaurant, a bar, and leased retail space. This association also includes the third-party-owned private residences on the fifth and sixth floors and the third-party-owned vacation club. The sponsor owns 77.1% of the Hotel A condominium. The Village Hall association...
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