KBRA Affirms All Ratings for Benchmark 2021-B28
3 Jul 2024 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2021-B28, a $1.4 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 June 2024 remittance period, there is one specially serviced loan (0.7% of the pool balance) that is 90+ days delinquent.
KBRA identified six K-LOCs (4.7%). Two have estimated losses:
- 3915 14 Avenue (0.7%, 24.1% estimated loss severity)
- Vallen Distribution Center (0.4%, 33.9%)
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 98.3%, compared to 99.9% at last review and 98.7% at securitization. The KDSC is 2.93x, compared to 2.85x at last review and 2.98x at securitization.
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