Fitch Ratings announced on March 18, 2025, that it has assigned final ratings to the J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5. This confirms the credit quality for the $363 million mortgage loan secured by five of Braemar Hotels & Resorts' properties.
The final ratings include 'AAAsf' for the Class A certificates and 'AA-sf' for the Class B certificates. The mortgage loan, which has a two-year floating-rate, interest-only term with extension options, is used to refinance existing debt and cover closing costs.
Fitch's analysis indicated a stressed debt service coverage ratio (DSCR) of 0.92x and a loan-to-value (LTV) ratio of 111.5% for the $363.0 million mortgage loan. These metrics reflect Fitch's conservative valuation approach, despite the successful rating assignment for the financing.
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