Market Overview

KBRA Assigns Preliminary Ratings to BAMLL 2018-PARK


Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of
AAA(sf) preliminary ratings to the Class A and Class X certificates of
BAMLL 2018-PARK, a CMBS single asset, single borrower (SASB)

The collateral for the transaction is a $365.0 million, non-recourse,
first lien mortgage loan. The fixed-rate loan requires interest-only
payments and has a 10-year term. The loan is secured by the borrower's
fee simple interest in 101 Park Avenue, a 1.3 million sf, 48-story,
Class-A office building located in Midtown Manhattan approximately two
blocks south of Grand Central Terminal. The building includes 1.2
million sf of office space and approximately 105,000 sf of retail,
storage, and garage space.

As of May 2018, the subject was 89.7% leased to 30 tenants. The three
largest tenants (41.1% of square footage; 48.5% of base rent) are each
law firms: Morgan Lewis & Bockius LLP; Kelley Drye & Warren LLP; and
Curtis, Mallet-Prevost, Colt & Mosle LLP.

KBRA's analysis of the transaction included a detailed evaluation of the
property's cash flows using our CMBS
Property Evaluation Methodology
and the application of our CMBS
Single Borrower and Large Loan Rating Methodology
. The results
of our analysis yielded a KBRA net cash flow (KNCF) of $49.8 million. To
value the property, we applied a capitalization rate of 7.50% to arrive
at a KBRA Value of $664.2 million and a KBRA Loan to Value (KLTV) of
55.0%. In our analysis of the transaction, we also reviewed and
considered third-party engineering, environmental, and appraisal
reports; the results of our site inspection of the subject; and legal

For further details on KBRA's analysis, please see our pre-sale report,
entitled BAMLL
, which was published today at

The preliminary ratings are based on information known to KBRA at the
time of this publication. Information received subsequent to this
release could result in the assignment of final ratings that differ from
the preliminary ratings.

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required,
pursuant to SEC Rule 17g-7, to provide a description of a transaction's
representations, warranties and enforcement mechanisms that are
available to investors when issuing credit ratings. KBRA's disclosure
for this transaction can be found in the report entitled BAMLL
2018-PARK Representations & Warranties Disclosure

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. In addition, KBRA is
designated as a designated rating organization by the Ontario Securities
Commission for issuers of asset-backed securities to file a short form
prospectus or shelf prospectus, is recognized by the National
Association of Insurance Commissioners as a Credit Rating Provider, and
is a certified Credit Rating Agency (CRA) by the European Securities and
Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.

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