KBRA Affirms All Ratings for Benchmark 2021-B26
12 Apr 2024 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2021-B26, a $982.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the March 2024 remittance period, none of the loans are specially serviced or delinquent; however, KBRA identified 8111 Gatehouse Road (9th largest, 3.8% of the pool balance) as a K-LOC, due to low occupancy. The K-LOC has an estimated loss given default of $3.0 million and an estimated loss severity of 8.1%.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 92.3%, compared to 98.2% at last review and 95.0% at securitization. The KDSC is 2.89x, compared to 2.84x at last review and 2.85x at securitization.
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