KBRA Affirms All Ratings for Benchmark 2021-B31
15 Nov 2024 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2021-B31, a $1.5 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.
As of the October 2024 remittance period, there are two specially serviced assets (6.6% of the pool balance). KBRA identified five K-LOCs (13.8%), none of which have estimated losses. The K-LOCs include:
Two top 10 loans (7.6%):
- Memphis Industrial Portfolio (5th largest, 3.9%)
- Hall Office Portfolio (7th largest, 3.7%)
The transaction's WA KLTV is 96.5%, compared to 94.5% at last review and 97.1% at securitization. The KDSC is 2.67x, compared to 2.72x at last review and 2.62x at securitization.
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