Fitch Affirms JPMBB 2013-C15

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed 16 classes of J.P. Morgan Chase Commercial Mortgage Securities Trust (JPMBB) commercial mortgage pass-through certificates series 2013-C15. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect the overall stable performance of the underlying collateral. As of the August 2015 distribution date, the pool's aggregate principal balance has been reduced by 1.6% to $1.17 billion from $1.19 billion at issuance. Approximately 51% of the pool is either partial-term or full-term interest only. Four loans (2.8%) were designated as Fitch Loans of Concern and no loans have been in special servicing since issuance.

The largest loan (10.1% of the pool) is secured by the Veritas Multifamily Portfolio, a 45-property portfolio of multifamily properties in San Francisco, CA. The portfolio contains 1,230 residential apartments and 22 commercial units across eight San Francisco neighborhoods. The loan has a pari passu A-note for total debt outstanding on the portfolio of $211.5 million. The collateral is performing in line with underwritten expectations with occupancy of 89.3% (as of March 2015) and a 1.50x net operating income (NOI) debt service coverage ratio (DSCR) of 1.50x as of year-end 2014.

The next largest loan (9.4% of the pool) is secured by the Miracle Mile Shops, a 448,835 square foot (sf) retail mall located along Las Vegas Boulevard, at the base of the Planet Hollywood Resort & Casino, in Las Vegas, NV. The location is a high foot traffic area along the Las Vegas Strip and includes tenants such as V Theatre, Planet Hollywood and H&M. The loan has an additional five pari passu notes for total debt outstanding on the Miracle Mile Shops of $580 million. The collateral is performing in line with underwritten expectations with occupancy of 96% (as of March 2015) and a year-end (YE) 2014 NOI DSCR of 1.42x. The rolling 12 month in-line sales as of February 2015 are $773 per square foot (psf) compared to $868 psf in June 2013.

The third largest loan (8.5% of the pool) is secured by 1615 L Street, a 417,383-sf office building located in downtown Washington, D.C., four blocks from the White House. The property is 13 stories, was built in 1984 and extensively renovated in 2009. The property features a renovated six-story marble lobby, full-service fitness center, common area event space, roof-top patio and dining area, 24-hour security, a restaurant, and a 287-space below-grade parking garage. In early 2014, the largest tenant, Pew Research renewed their lease for 73,960 sf through 2029, with scheduled rent abatements through January 2015. Occupancy as of March 31, 2015 was 95.4%. The servicer reported NOI DSCR as of YE 2014 was 1.24x but increased to 1.63x as of first quarter 2015 due to the rent concessions burning off. The loan remains on the servicer watchlist due to the low DSCR as a result of the abatements, and will remain until the DSCR stabilizes at the first quarter 2015 level or better. The full term interest-only loan has an additional $34.25 million in pari passu debt for total debt outstanding on the property of $134.25 million.

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset-level event changes the transaction's portfolio-level metrics. Additional information on rating sensitivity is available in the report 'J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C15' (Oct. 9, 2013), available at www.fitchratings.com.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch affirms the following classes as indicated:

--$45.2 million class A-1 at 'AAAsf'; Outlook Stable;

--$285.3 million class A-2 at 'AAAsf'; Outlook Stable;

--$21.4 million class A-3 at 'AAAsf'; Outlook Stable;

--$110 million class A-4 at 'AAAsf'; Outlook Stable;

--$206.9 million class A-5 at 'AAAsf'; Outlook Stable;

--$67.7 million class A-SB at 'AAAsf'; Outlook Stable;

--$80 million class A-2FL at 'AAAsf'; Outlook Stable;

--$ class A-2FX at 'AAAsf'; Outlook Stable;

--$93.9 million class A-S at 'AAAsf'; Outlook Stable;

--$76 million class B at 'AA-sf'; Outlook Stable;

--$44.7 million class C at 'A-sf'; Outlook Stable;

--$59.6 million class D at 'BBB-sf'; Outlook Stable;

--$23.9 million class E at 'BBsf'; Outlook Stable;

--$11.9 million class F at 'Bsf'; Outlook Stable;

--$909.5 million class X-A at 'AAAsf'; Outlook Stable;

--$76.0 million class X-B at 'AA-sf'; Outlook Stable.

Fitch does not rate the class NR or the interest-only class X-C certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (pub. 10 Dec 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Related Research

J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C15 -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=723587

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=990967

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=990967

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150917006552/en/

Fitch Ratings
Primary Analyst
Darren Liss, +1-212-908-0753
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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