Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to BAMLL Trust 2011-FSH, a single-borrower commercial mortgage-backed security (CMBS) transaction secured by a 10-year, fixed-rate mortgage. The A-piece of the deal, which KBRA says contains an anticipated balance of $310 million, received a AAA rating.
The loan amortizes on a 30-year schedule, after a two-year interest-only period. The mortgage is collateralized by Fashion Centre at Pentagon City, an 820,869 square-foot mall in Arlington, Va. The mall has 148 tenants and is largely occupied by high-end tenants.
The assignment of the preliminary ratings follows Kroll's analysis of the transaction, which included an evaluation of the mall's cashflow and the application of Kroll's CMBS single-borrower rating methodology. The firm's analysis yielded a cashflow of $608.6 million, and the resulting loan-to-value ratio was 67.5%.
