KBRA Affirms All Ratings for BX 2024-MDHS
15 May 2025 | New York
KBRA affirms its outstanding ratings for BX 2024-MDHS, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.
At securitization, the transaction was secured by a $1.38 billion non-recourse, first-lien mortgage loan backed by a portfolio of 142 properties with 17.1 million sf of space. Since closing, 20 property releases have decreased the portfolio to 122 properties and reduced the outstanding balance to $1.1 billion as of the April 2025 remittance period. The portfolio has 14.2 million sf of space that is leased to about 300 tenants. The properties are located across 15 states. The floating-rate, interest-only loan has an initial term of two years and allows three one-year extension options. The sponsors of the borrowers are affiliates of Blackstone Real Estate Partners, which is managed by The Blackstone Group (NYSE: BX).
KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $74.4 million and a KBRA value of $1.01 billion ($71 per sf). The resulting in-trust KLTV is 108.5%, compared to 104.1% at securitization. KBRA maintains a KPO of Perform for the loan.
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