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KBRA Affirms All Ratings for Benchmark 2021-B27

29 May 2026   |   New York

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KBRA affirms all outstanding ratings of Benchmark 2021-B27, a $1.1 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since KBRA's last rating change in May 2025.

As of the May 2026 remittance period, there are three specially serviced loans (11.2%), of which two (8.1%) are in foreclosure and one (3.1%) is delinquent. KBRA has identified ten loans (18.7%) as K-LOCs, including the specially serviced assets. Of the K-LOCs, five (12.0%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 4A1 Colonnade Corporate Center OF $57,285 5.4% Y FCL N Foreclosure 12/11/2024 $13,187 23.0% 12 Culver City Fee RT $33,000 3.1% Y 60+ N Specially Serviced 03/06/2025 - - 14 Fisker Corporate Headquarters OF $30,000 2.8% N C N Occupancy 05/23/2024 $11,800 39.3% 15 Chase Tower OF $28,210 2.7% Y FCL N Foreclosure 12/14/2023 $15,459 54.8% 21 Truax Office MU $15,845 1.5% N C N Recent Delinquency 10/28/2025 - - 32 Mission Promenade MU $10,400 1.0% N C N Occupancy 10/11/2023 - - 33 Residence Inn Florence LO $8,803 0.8% N C N DSCR 05/21/2026 - - 34 5550 Macadam OF $8,677 0.8% N C N Occupancy 07/22/2025 $575 6.6% 46 Walgreens Snellville RT $3,679 0.3% N C N Tenant Issues 05/23/2024 - - 47 Walgreens - Newberg OR RT $2,732 0.3% N C N Recent Delinquency 08/27/2025 $240 8.8% Total K-LOCs $198,631 18.7% $41,261 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 96.4%, compared to 96.7% at KBRA's last ratings change and 99.4% at securitization. The WA KDSC is 2.46x, compared to 2.48x at KBRA's last ratings change and 2.51x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

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.

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