KBRA Affirms All Ratings for GSMS 2021-GSA3
13 Dec 2024 | New York
KBRA affirms all of its outstanding ratings for GSMS 2021-GSA3, a $620.8 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.
As of the November 2024 remittance period, there is one specially serviced asset (1.1% of the pool balance), which is REO and has been identified as a K-LOC with an estimated loss. This includes:
- San Diego Mixed Use (1.1% of the pool, 64.8% estimated loss severity)
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 97.8%, compared to 100.7% at last review and 101.8% at securitization. The KDSC is 2.25x, compared to 2.21x at last review and 2.18x at securitization.
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