Press Release|CMBS
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KBRA Affirms All Ratings for BFLD 2024-WRHS

14 Jul 2026   |   New York

Contacts

KBRA affirms all outstanding ratings for BFLD 2024-WRHS, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

At securitization, the transaction was secured by a $608.4 million non-recourse, first-lien mortgage loan backed by a portfolio of 83 industrial properties with 9.9 million sf of space. Since closing, 12 property releases have decreased the portfolio to 71 properties and reduced the outstanding balance to $564.0 million. The current portfolio has 9.2 million sf of space that is leased to over 150 tenants. The properties are located across seven states. The floating-rate, interest-only loan has an initial term of two years with an upcoming August 2026 maturity date and allows three one-year extension options. The loan sponsor is Brookfield Asset Management.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF.The analysis produced a KNCF of $39.0 million and a KBRA value of $526.0 million ($53 per sf). The resulting in-trust KLTV is 107.2%, compared to 103.4% at last review and 103.8% at securitization. KBRA maintains a KPO of Perform for the loan.

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.

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