Fitch has released a presale report on Irvine Core Office Trust 2013-IRV, a commercial mortgage-backed securitization backed by roughly $875 million in loans on Southern California office buildings.
The company assigned its top expected rating of AAAsf to four classes of the deal and a lower but still investment grade rating of Asf to one class.
The sponsor, Irvine Core Office LLC, is an affiliate of the largest owner and manager of commercial real estate in California, Irvine Co.
Over the last 3.5 years, the sponsor has invested approximately $35.4 million in capital improvements. The properties are generally considered to be strong performers within their respective markets and have an average occupancy of 91.3% as of March 15.
The 10 loans in the pool are not cross-defaulted or cross-collateralized.
