KBRA Affirms All Ratings for CSAIL 2021-C20
14 Feb 2025 | New York
KBRA affirms all of its outstanding ratings for CSAIL 2021-C20, a $630.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight improvement in pool performance since securitization. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the January 2025 remittance period, there are no delinquent or specially serviced loans; however, KBRA identified two K-LOCs (7.6% of the pool balance). These include:
One top 10 loan:
- The Westchester (5th largest, 5.6%)
One loan with an estimated loss:
- 880 Technology Drive (2.0%, 20.5% estimated loss severity)
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 93.3%, compared to 95.3% at last review and 101.9% at securitization. The KDSC is 2.56x, compared to 2.44x at last review and 2.37x securitization.
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