KBRA Affirms All Ratings for SREIT 2021-MFP
14 Nov 2024 | New York
KBRA affirms all its ratings for SREIT 2021-MFP, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in performance since issuance. However, the magnitude of the change does not warrant rating adjustments at this time.
The transaction collateral is a non-recourse, first-lien mortgage loan secured by the borrowers’ fee simple interests in 57 multifamily properties with 14,353 units in 10 states. At securitization there were 62 properties with 15,465 units but five were released from the collateral at the end of 2023 and the loan balance was paid down to $1.93 billion from $2.01 billion. The floating-rate loan had an initial two-year term with three one-year extension options. The loan’s initial maturity was in November 2023, but the borrower extended it to November 2024. The borrower has not given notice regarding its plans for either refinancing the loan or extending it, according to the servicer. KBRA expects the borrower to extend the loan term to November 2025.
KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $143.0 million and a KBRA value of $1.74 billion ($121,474 per unit). The resulting in-trust KLTV is 110.5%, compared to 109.2% at last review and 117.7% at securitization. KBRA maintains the loan’s KPO of Perform.
To access ratings and relevant documents, click here.
Click here to view the report.