KBRA Affirms All Ratings for Benchmark 2021-B24
14 Mar 2025 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2021-B24, a $1.2 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the February 2025 remittance report, there is one specially serviced loan (6.5% of the pool balance), which is current. KBRA identified four K-LOCs (21.1%) including the special serviced loan. Of the K-LOCs, two (7.6%) have estimated losses. The K-LOCs include:
- 410 Tenth Avenue (largest, 7.0%)
- 141 Livingston (4th largest, 6.5%)
- The Galleria Office Towers (6th largest, 5.3% of the pool balance, 21.4% estimated loss severity)
- Millennium Corporate Park (2.4%, 23.7%)
Excluding K-LOCs with estimated losses, the transaction's WA KLTV is 97.6%, compared to 98.6% at last review and 100.3% at issuance. The WA KDSC is 2.60x, compared to 2.62x at last review and 2.59x at issuance.
To access ratings and relevant documents, click here.
Click here to view the report.