KBRA Affirms All Ratings for Benchmark 2021-B25
2 Apr 2025 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2021-B25, a $1.2 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a moderate increase in estimated losses since last review; however, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the March 2025 remittance period, there are three (2.3%) specially serviced assets, including one asset (0.8%) in receivership and two loans (1.5%) that are delinquent. KBRA identified six K-LOCs (8.3%), including the specially serviced assets. The K-LOCs include one top 10 loan:
- 1985 Marcus (10th largest, 2.9% of the pool, 22.4% estimated loss severity)
Two other K-LOCs have estimated losses:
- The Galleria Office Towers (2.0%, 21.2%)
- Birmingham Mixed Use Portfolio (0.8%, 20.8%)
The remaining three K-LOCs, representing 2.6% of the pool, do not have estimated losses.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 96.1%, compared to 99.4% at last review and 97.9% at securitization. The KDSC is 2.37x, compared to 2.38x at last review and 2.39x at securitization
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