KBRA Affirms All Ratings for BX 2021-SOAR
26 Jun 2025 | New York
KBRA affirms all outstanding ratings for BX Commercial Mortgage Trust 2021-SOAR, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited improved performance since securitization as evidenced by higher KNCF and lower KLTV.
At securitization, the transaction was secured by a $1.63 billion first-lien whole mortgage loan backed by a portfolio of 112 industrial properties with 22.9 million sf of space in total. Since closing, 18 property releases have decreased the portfolio to 94 properties and reduced the outstanding balance to $1.43 billion as of June 2025. The portfolio now has 21.2 million sf of space that is leased to about 300 distinct tenants. The floating-rate, interest-only loan has an initial term of two years and allows for three one-year extension options. According to the servicer, the borrower has opted to exercise its third option to extend the loan to June 2026.
KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $120.3 million and a KBRA value of $1.49 billion ($70 per sf). The resulting in-trust KLTV is 96.2%, down from 102.4% at last review and 140.0% at securitization. KBRA maintains its KPO of Outperform on the loan.
To access ratings and relevant documents, click here.
Click here to view the report.
Related Publication
Methodologies
- CMBS: North American CMBS Property Evaluation Methodology
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology
Disclosures
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 www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.
Doc ID: 1010140