KBRA Affirms All Ratings for MSC 2021-L6
7 Jun 2024 | New York
KBRA affirms all of its outstanding ratings for MSC 2021-L6, a $752.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the May 2024 remittance period, there are two specially serviced assets (3.8% of pool balance), one of which is 90+ days delinquent (1.3%) while the other is in foreclosure (2.5%). KBRA identified four K-LOCs (9.3%), including the specially serviced assets. The K-LOCs include:
One top 10 loan:
- U-Haul SAC Portfolio 21 (6th largest, 4.9%).
One K-LOC has an estimated loss:
- Tower Point at the Highlands (2.5% of the pool balance, 26.4% estimated loss severity)
The remaining two K-LOCs represent 1.9% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 93.4%, compared to 94.3% at last review and 95.0% at securitization. The KDSC is 2.88x, compared to 2.80x at last review and 2.77x at securitization.
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