KBRA Affirms All Ratings for MSC 2021-L7
2 Aug 2024 | New York
KBRA affirms all of its outstanding ratings for MSC 2021-L7, a $913.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the July 2024 remittance period, there is one loan (0.2%) that is 60+ days delinquent. KBRA has identified five loans (14.5%) as K-LOCs, including the delinquent asset, none of which have estimated losses. The K-LOCs include:
Two top 10 loans (12.6%):
- Signature Office Portfolio II (largest, 7.8%)
- Havenwood Office Park (5th largest, 4.8%)
The remaining three K-LOCs do not have estimated losses and represent 2.0% of the pool balance.
The transaction's WA KLTV is 106.0%, compared to 104.4% at last review and 103.9% at securitization. The KDSC is 2.33x, compared to 2.35x at last review and 2.30x at securitization.
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