Press Release|CMBS

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.

To access rating and relevant documents, click here.

Click here to view the report.

Related Publication



Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004535

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