KBRA Affirms All Ratings for Benchmark 2021-B25
2 Apr 2024 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2021-B25, a $1.2 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the March 2024 remittance period, there is one (0.8% of the pool balance) specially serviced asset, which is current in payment, and there are no delinquent loans. KBRA identified three K-LOCs (5.7%), including the specially serviced asset. These include one of the top 10 loans:
- 1985 Marcus (10th largest, 2.9% of the pool)
One other K-LOC has an estimated loss:
- Birmingham Mixed Use Portfolio (0.8% of the pool, 22.9% estimated loss severity)
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 99.4%, compared to 100.1% at last review and 97.9% at securitization. The KDSC is 2.38x, compared to 2.35x at last review and 2.39x at securitization.
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