Press Release|CMBS
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KBRA Assigns Preliminary Ratings to Benchmark 2026-V23

10 Aug 2026   |   New York

Contacts

KBRA is pleased to announce the assignment of preliminary ratings to 22 classes of Benchmark 2026-V23, a $697.8 million CMBS conduit transaction collateralized by 30 commercial mortgage loans secured by 59 properties. The collateral properties are located throughout 19 MSAs, of which the three largest are New York (24.0% of pool balance), North - Central New Jersey (10.0%), and Houston (9.9%). The pool’s three largest property type exposures are industrial (23.9%), lodging (19.9%), and office (17.6%). The largest loan in the pool, Fratelli Beretta Industrial Portfolio (9.9%), is comprised of three adjacent industrial cold storage/warehouse buildings totaling 526,313 sf located in Mount Olive, New Jersey, approximately 50 miles west of Midtown Manhattan. The five largest loans, which also include HP Plaza (9.9%), Old Edwards Portfolio (7.2%), Fairfield Times Square (7.2%), and Holiday Inn Hotel Chelsea (5.9%), represent 40.1% of the initial pool balance, while the top 10 loans represent 64.8%.

KBRA’s analysis of the transaction incorporated our multi-borrower rating process that begins with our analysts’ evaluation of the underlying collateral properties’ financial and operating performance, which determines KBRA’s estimate of sustainable net cash flow (KNCF) and KBRA value using our North American CMBS Property Evaluation Methodology. On a weighted average basis, the pool’s KNCF was 11.1% less than the issuer’s cash flow. KBRA capitalization rates were applied to each asset’s KNCF to derive values that were 38.6% less than third party appraisal values. The pool has an in-trust and all-in KLTV of 97.6%. The process also deploys rent and occupancy stresses, probability of default regressions, and loss given default calculations to determine losses for each loan which, in conjunction with pool concentration and other relevant factors, are used to assign our credit ratings.

To access ratings and relevant documents, click here.

Click here to view the report.

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: 1016422