Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to seven classes of pass-through certificates from DBUBS 2011-LC3. The sole source of cashflow for the certificates is a $310 million nonrecourse loan on the Providence Place Mall, a 1.3 million square-foot super-regional mall located in Providence, R.I.
In its analysis, KBRA used its CMBS Property Evaluation Guidelines to evaluate the mall's cashflow, and also applied its CMBS Single Borrower & Large Loan Rating Methodology.
The 10-year, fixed-rate mortgage loan securing the deal amortizes based on a 30-year schedule. UBS Real Estate Securities originated the loan and will sell it to Deutsche Mortgage and Asset Receiving Corp., which, in turn, will sell the mortgage to DBUBS 2011-LC3 Mortgage Trust, KBRA explains in its presale report. As of Aug. 6, the loan balance was $309.1 million.
The bond-rating agency says it expects to give AAA ratings to three of the seven classes of certificates.
