DBRS Assigns Stable Trend to and Confirms Rating on Mortgage Loan Made to 110 Bloor Street West Inc.

DBRS Limited (DBRS) assigned a Stable trend to and confirmed the rating of A (low) on the 3.50% Mortgage Loan Due October 15, 2021 (the Mortgage Loan), made to 110 Bloor Street West Inc.

The Mortgage Loan is secured by a four-level commercial component in a 21-storey mixed-use residential and commercial complex located at 110 Bloor Street West in the Bloor-Yorkville District of Toronto, Ontario. DBRS’s current rating reflects the credit quality of the loan supported by a DBRS Exit Debt Yield of 9.8% based on DBRS’s net cash flow, which was 24.4% lower than the 2018 reported net operating income. Based on DBRS’s cap rate of 7.50%, the Mortgage Loan represents current and maturity DBRS loan-to-value ratios of 81.6% and 76.2%, respectively.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed or discontinued by DBRS.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodology is the North American CMBS Surveillance Methodology, which can be found on www.dbrs.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Global Structured Finance Related Methodologies document, which can be found on www.dbrs.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

This rating was initiated at the request of the lender.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada