 Such aggressive values were necessary in order to keep the building's loan-to-value ratio (LTV) in a reasonable range since based on the purchase price of $1.8 billion, the $1.215 billion senior loan represented a 67.5% LTV.However, using the appraised value reduced the LTV to a more conservative 60.75%, making the CMBS seem safer to credit rating agencies.More worryingly, the building's in-place rents yielded a debt service coverage ratio (DSCR) of just 0.65x, meaning that the building's net cash flows could only pay for 65% of the senior loan's interest payments, before paying for the mezzanine loans, the senior loan's principal, or any returns to Kushner.