DBRS Assigns Rating of A (low) to 110 Bloor Street West Inc. Mortgage Loan

DBRS Limited (DBRS) assigned a new rating of A (low) to the 3.50% Mortgage Loan Due October 15, 2021 (the Mortgage Loan), made to 110 Bloor Street West Inc. (the Borrower) by a major Canadian financial institution (the Lender).

The Mortgage Loan is secured by a four-level component of a 21-storey residential/commercial condominium building complex located at 110 Bloor Street West in the Bloor-Yorkville District in midtown Toronto. DBRS’s A (low) rating reflects the stability of the net cash flow provided by the current rent roll that has 89% of the in-place leases expiring after the loan maturity, combined with strong productivity metrics reported by the current tenants, a 9% amortization that will take place over the remaining term of the loan, the refinance risk and the derived DBRS LTV.

The rating has been assigned at the request of the Lender.

Notes:
The principal methodology is the North American Single-Asset/Single-Borrower Methodology, which can be found on dbrs.com under Methodologies.

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

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