另一起SASB原始AAA级损失即将来临

Another SASB Original AAA LossComing EY Plaza (BFLD 2020-EYP) has sold for $130mn.Aftertakinginto consideration advances, fees, and transaction costs, weexpect class A in the deal to take a small haircut upon finalresolution. Lea Overby+1 617 342 4293lea.overby@barclays.comBCI, US The Real Dealreports that EY Plaza has been sold to real estate investment firm Carolwood for$130mn, or about $141psf, below the August 2024 value of $150mn. The Los Angelesofficetoweris collateral for the $275mn loan securitized inBFLD 2020-EYP, which has been speciallyserviced for non-payment since April 2023. In estimating final proceeds to the trust, we first haircut the purchase price by 5% to account fortransaction fees, although we caution that this might not be a large enough haircut. Los Angelesalso taxes large property sales at a rate of 5.95%, and we do not know if the $130mn pricementioned in the article takes this payment into account. Because of the lengthy time in special servicing, the loan has accumulated $19.9mn in principaland interest advances, and another $1.2mn in servicer advances, as of the latest remittancereport. Subtracting this amount from 95% of the reported $130mn purchase price leaves$102.4mn, slightly less than the $104.4mn face amount of class A in the deal. If we insteadhaircut the purchase price by 10%, we estimate trust principal proceeds of $95.9mn, implying a92% recovery for class A. As a reminder, this sale follows the resolution of the Gas Company Tower loan inGCT 2021-GCTthat had the same sponsor. That asset sold for $200mn ($145psf), with proceeds of $189.7mn tothe Trust, causing losses to reach Class B in the deal. Also, the $400mn Bank of America Plazaloan to the same sponsor now reports as nonperforming matured. A value of $140psf impliesthat the tower could be worth around $200mn, slightly below the December 2024 appraisal of$212.5mn. This loan is securitized in four 2014 conduits:WFRBS 2014-C22, WFRBS 2014-C23, GCGCMT 2014-GC25,andGSMS 2014-GC26 Spreads and Relative Value •CMBS still looks appealing on a longer-term basis, and we continue to favor adding at the topof the capital stack in conduits, with a preference for liquidity. •Likewise, we continue to like ACMBS due to its very stable profile. Thisdocument is intended for institutional investors and is not subject to all of theindependence and disclosure standards applicable to debt research reports prepared for retailinvestors under U.S. FINRA Rule 2242. Barclays trades the securities covered in this report for itsown account and on a discretionary basis on behalf of certain clients. Such trading interestsmay be contrary to the recommendationsofferedin this report. Please see analyst certifications and important disclosures beginning on page 3.Completed: 05-May-25, 15:14 GMTReleased: 05-May-25, 15:18 GMTRestricted - External •We remain very negative on BBBs due to likely pending economic weakness and spreads thatare too tight and moving in the wrong direction. •Away from conduits, the YTD widening in SASB spreads increases the appeal of this sector,although it feels like every deal has a credit story (see SASB Quick Bites, April 17, 2025). Analyst(s) Certification(s): I, Lea Overby, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that couldaffectthe objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliatesregularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are thesubject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,other financial instruments and / or derivatives,