KBRA Issues BRSP 2026-FL3 Ramp-Up Completion Update
29 Apr 2026 | New York
KBRA issues an update on BRSP 2026-FL3, following the ramp-up completion date. BRSP 2026-FL3 is a $955.0 million managed CRE CLO securitization, with a 30-month reinvestment period that commenced with a six-month ramp-up period. The ramp-up completion date occurred on March 27, 2026, after the funds designated for the acquisition of ramp-up mortgage assets were utilized.
At securitization, the transaction was collateralized by 29 mortgage loans with an aggregate cutoff date in-trust balance of $856.7 million and $98.3 million of cash collateral for additional ramp collateral. The cash collateral was to be used for the acquisition of previously unidentified whole loans and senior pari passu participation interests, and funded companion participations relating to existing assets during the ramp-up period, subject to satisfaction of the eligibility criteria and so long as no event of default is occurring.
The $98.3 million of cash collateral for additional ramp collateral was used for the acquisition of senior participations related to three loans. The three unidentified acquisitions include:
- The Crossing ($46.1 million, 4.8% of the pool balance)
- W-I40 Industrial Park ($32.1 million, 3.4%)
- Atwater Cover ($20.2 million, 2.1%)
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