KBRA Affirms All Ratings for BLOX Trust 2021-BLOX
19 Aug 2024 | New York
KBRA affirms all outstanding ratings for BLOX Trust 2021-BLOX, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.
The trust collateral consists of a $205.0 million first-lien floating-rate mortgage loan indexed to one-month Term SOFR. The loan had an initial term of two years, which expired on September 9, 2023, and is currently in its first extension option period. It has two one-year extension options remaining and according to the August 2024 servicer reporting, the borrower intends to utilize the second extension option. The loan is secured by the borrower’s leasehold interests in two Class-A mid-rise office buildings in Bellevue, Washington which are approximately 100% leased to Meta Platforms, Inc. (“Meta”, formerly Facebook). The sponsor is BPREP Office Holding LLC, an affiliate of Brookfield Premier Real Estate Partners (BPREP).
KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $19.6 million and a KBRA value of $231.1 million ($426 per sf). The current KLTV is 88.7%, compared with 87.8% at last review and 88.3% at issuance. KBRA maintains a KPO of Perform for the loan.
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