NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed 15 classes of Morgan Stanley Capital I, Inc. MSBAM 2012-C6 Commercial Mortgage Pass-Through Certificates. A detailed list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
The affirmation of MSBAM 2012-C6 is based on the stable performance of the underlying collateral pool. As of the September 2013 remittance the pool's aggregate principal balance has been paid down by 0.9% to $1.11 billion from $1.12 billion at issuance. Full year 2012 financials were available for 40 (76%) of the remaining 61 loans in the pool.
The largest loan of the pool (11.2%) is collateralized by 1880 Broadway/15Central Park West Retail, a 84,240 sf retail condominium unit located on the eastern side of Broadway between West 61st Street and West 62nd Street in Manhattan's Upper West Side Neighborhood. The property is 100% occupied and the major tenants that occupy the space are Best Buy (54.4% of NRA), West Elm (30.3% of NRA), and JP Morgan Chase (12.9% of NRA). Above the ground floor retail collateral are luxury residential units that are not part of the collateral.
The second largest loan of the pool (6.8%) is collateralized by the Hyatt Regency Austin, a 448 room full service hotel located in downtown Austin, TX. The subject is located along the south side of Lady Bird Lake near downtown Austin, with proximity to the Austin CBD, the University of Texas, and Zilker Park, home to a variety of popular music and arts festivals. As of year-end 2012 the NOI DSCR is 3.01x and the August YTD occupancy, Rev PAR, and ADR are 80%, $137, and $171 respectively.
The third largest loan in the pool (6.7%) is collateralized by the Chelsea Terminal Building, a 1,054,442 sf series of contiguous mixed-use buildings located in Manhattan's Chelsea neighborhood. The property is located two blocks west of the elevated Highline park and two blocks south of the Javits Convention Center and Hudson Yards redevelopment project. The building was mainly being used as mini-storage for many years before being redeveloped to a mixed-use office and retail product in recent years. The property had substantial damage from Hurricane Sandy which included electrical damage and loss of equipment due to the flooding. The servicer has received a payment of $3.6 million from the insurance company and a recent inspection of the property notes that the repairs were substantially complete however the electrical work is pending a redesign of the permanent system.
RATING SENSITIVITY
The Rating Outlooks remain Stable for all classes. No rating actions are expected unless there are material changes to property occupancies or cash flows, increased delinquencies, or any loans transferred to special servicing. The pool has maintained performance consistent with issuance. Additional information on rating sensitivity is available in the report 'Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6' (Oct. 1, 2012), available at www.fitchratings.com.
Fitch affirms the following classes:
--$56.8 million class A-1 at 'AAAsf'; Outlook Stable;
--$236 million class A-2 at 'AAAsf'; Outlook Stable;
--$72 million class A-3 at 'AAAsf'; Outlook Stable;
--$411.4 million class A-4 at 'AAAsf'; Outlook Stable;
--$98.3 million class A-S at 'AAAsf'; Outlook Stable;
--$192.4 million class PST* at 'Asf'; Outlook Stable;
--$50.6 million class B at 'AAsf'; Outlook Stable;
--$43.5 million class C at 'Asf'; Outlook Stable;
--$21.1 million class D at 'BBB+sf'; Outlook Stable;
--$40.7 million class E at 'BBB-sf'; Outlook Stable;
--$9.8 million class F at 'BBB-sf'; Outlook Stable;
--$19.7 million class G at 'BBsf'; Outlook Stable;
--$12.6 million class H at 'Bsf'; Outlook Stable;
--$874.6 million class X-A at 'AAAsf'; Outlook Stable;
--$94.1 million class X-B at 'Asf'; Outlook Stable.
*Class A-S, class B, and class C certificates may be exchanged for a related amount of class PST certificates, and class PST certificates may be exchanged for class A-S, class B, and class C certificates.
Fitch does not rate the class J and X-C certificates.
A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:
--'Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 --Appendix' (Nov. 20, 2012).
Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 18, 2012 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:
Structured Finance then CMBS then Criteria Reports
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (May 24, 2013);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 18, 2012).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=803353
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