DBRS Morningstar Confirms All Classes of ACAM 2019-FL1, Ltd.
ENPNewswire-July 13, 2022--DBRS Morningstar Confirms All Classes of ACAM 2019-FL1, Ltd.
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Release date- 12072022 - DBRS, Inc. (DBRS Morningstar) confirmed its ratings on the following classes of Commercial Mortgage-Backed Notes issued by ACAM 2019-FL1, Ltd.
Class A at AAA (sf)
Class A-S at AAA (sf)
Class B at AA (low) (sf)
Class C at A (low) (sf)
Class D at BBB (high) (sf)
Class E at BBB (low) (sf)
Class F at BB (low) (sf)
Class G at B (low) (sf)
All trends are Stable.
The rating confirmations reflect the overall stable performance of the transaction, which has remained in line with DBRS Morningstar's expectations since issuance. DBRS Morningstar has published a Surveillance Performance Update report with in-depth analysis and credit metrics for the transaction and with business plan updates on select loans. To access this report, please click on the link under Related Documents below or contact us at info@dbrsmorningstar.com.
The initial collateral consisted of 21 floating-rate mortgages secured by 35 mostly transitional properties with a cut-off balance totaling $400.3 million that excluded $87.4 million of future funding commitments, as most loans were in a period of transition with plans to stabilize and improve asset value. The transaction included a 24-month reinvestment period that expired in December 2021, at which point the bonds began to amortize sequentially with loan repayment and scheduled loan amortization.
As of the June 2022 remittance, there were 16 loans in the transaction with a current trust balance of $340.7 million. Since DBRS Morningstar's previous rating action in August 2021, four loans, totaling $80.0 million, have been repaid from the transaction. Additionally, four loans, totaling $87.1 million, were added to the Trust over the same period. According to an update from the collateral manager, a cumulative amount of $53.9 million in future funding commitments had been released to 14 individual borrowers through May 2022 to aid in business plan realization. A cumulative amount of $77.7 million allocated to 14 individual borrowers has yet to be released.
The transaction is concentrated by property type as 10 loans, totaling 54.6% of the current trust balance, are secured by office properties followed by two loans, totaling 15.8% of the current trust balance, secured by mixed-use properties. In August 2021, the transaction consisted of 10 loans, representing 55.1% of...
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