Press Release|CMBS
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KBRA Affirms All Ratings for VRTX 2025-HQ

14 Aug 2026   |   New York

Contacts

KBRA affirms all ratings for VRTX 2025-HQ, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

The collateral for the transaction is a $688.5 million portion of a $1.0 billion non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in Vertex HQ, which comprises two 15-story Class-A LEED Gold life science office buildings located in the Seaport District of Boston, Massachusetts. The buildings contain 1.1 million sf, which consists of approximately 52.3% of office space, 42.0% of lab space, 4.4% of retail space, and 1.3% of storage space. Additionally, the buildings have access to a 1,852-space underground parking garage, of which 740 spaces serve as collateral for the loan.

The fixed-rate loan has a five-year term and requires monthly interest-only payments based on an interest rate of 5.5957% with a September 2030 maturity date. The loan sponsor is Diversified Healthcare Trust (NASDAQ: DHC).

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $87.6 million and a KBRA value of $1.06 billion ($936 per sf). The resulting in-trust KLTV is 94.1%, which was in line with 94.2% at securitization. KBRA assigned a KPO of Perform to the loan.

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.

Doc ID: 1016518