KBRA Affirms All Ratings for WFCM 2021-C59
13 Mar 2025 | New York
KBRA affirms all of its outstanding ratings for WFCM 2021-C59, an $809.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with last review and securitization.
As of the February 2025 remittance period, there are no delinquent loans but one loan is specially serviced (2.1%); KBRA identified four K-LOCs (9.4%), including the specially serviced asset. Of the four K-LOCs, three (8.5%) have estimated losses. These include:
One top 10 loan:
- 160 Pine Street (9th largest, 3.4% of the pool balance, 62.8% estimated loss severity)
Two other K-LOCs have an estimated loss:
- Metairie MOB Portfolio (3.0%, 8.1%)
- 8800 Baymeadows (2.1%, 30.7%)
The remaining K-LOC represents 1.0% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 98.7%, compared to 101.2% at last review and 101.3% at securitization. The KDSC is 2.21x, compared to 2.23x at last review and 2.25x at securitization.
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