KBRA Affirms all Ratings for Benchmark 2021-B27
31 May 2024 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2021-B27, a $1.1 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization due to the increased number of K-LOCs (15.8% of the pool balance), three of which (7.0%) have estimated losses.
As of the May 2024 remittance period, there is one specially serviced loan (2.6%) and one loan (0.3%) that is 30+ days delinquent. KBRA has identified eight loans (15.8%) as K-LOCs, three of which (7.0%) have estimated losses. This includes:
One of the top 10 loans:
- Colonnade Corporate Center (4th largest, 5.5%)
Three K-LOCs have estimated losses:
- Fisker Corporate Center (2.8%, 17.0% estimated loss severity)
- Chase Tower (2.6%, 3.6%)
- 1985 Marcus (1.6%, 11.3%)
The remaining four K-LOCs do not have estimated losses and represent 3.3% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 98.9%, compared to 99.8% at last review and 99.4% at securitization. The KDSC is 2.52x, compared to 2.53x at last review and 2.51x at securitization.
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