KBRA Affirms All Ratings for Greystone 2021-FL3
1 Aug 2024 | New York
KBRA affirms all of its outstanding ratings for Greystone 2021-FL3, a CRE CLO transaction with a three-year reinvestment period. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.
At the time of this review, the total collateral balance is $900.0 million, which is comprised of 32 first mortgage loans secured by 48 properties and $22.0 million of cash collateral. During the remainder of the transaction’s reinvestment period, which ends in August 2024, the issuer can continue to acquire previously unidentified whole loans and senior participations with principal proceeds from the mortgage assets, provided such assets satisfy the reinvestment criteria and eligibility criteria.
As of the July 2024 remittance period, there are two loans (4.0% of the loan pool balance) that are non-performing matured balloon. Both loans are expected to be extended. The transaction’s WA KLTV is 135.3%, compared to 135.2% at last review and 136.1% at securitization. The KDSC at Index Cap is 1.06x, compared to 1.02x at last review and 1.01x at closing. The overcollateralization and interest coverage tests have each been satisfied during each distribution date since issuance.
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