Press Release|CMBS
View PDF

KBRA Affirms All Ratings for WFCM 2021-C61

12 Sep 2025   |   New York

Contacts

KBRA affirms all of its outstanding ratings for WFCM 2021-C61, a $724.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.

As of the August 2025 remittance period, two loans (1.8% of the pool balance) are specially serviced, one of which (0.7%) is in foreclosure. KBRA has identified four K-LOCs (3.8%), including the specially serviced assets, one of which (0.7%) has an estimated loss. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 33 Pasadena Technology Center IN $8,100 1.1% N C N Occupancy 08/15/2023 - - 28 Wyndham National Hotel LO $7,853 1.1% Y C N Recent Delinquency 05/28/2024 - - 38 JO Borgen Plaza RT $6,714 0.9% N C N Tenant Issues 05/14/2025 - - 44 Walgreens & Rite Aid Portfolio RT $5,100 0.7% Y FCL N Foreclosure 08/12/2024 $833 16.3% Total K-LOCs $27,767 3.8% $833 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-LOC with an estimated loss, the transaction's WA KLTV is 98.1%, compared to 99.7% at last review and 106.5% at securitization. The KDSC is 2.12x, compared to 2.08x at last review and 1.95x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

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: 1011291

CONNECT WITH KBRA
805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2025 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.

Sitemap•Terms of Use•Privacy Notice•Cookie Policy••Regulatory•Report a Concern