KBRA Affirms All Ratings for BPR Trust 2021-NRD
18 Dec 2024 | New York
KBRA affirms its outstanding ratings for BPR Trust 2021-NRD, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight improvement in performance since securitization.
The transaction collateral is a $275.0 million non-recourse, first lien mortgage loan secured by an 882,117 sf portion of the borrower’s fee simple interest in Northridge Fashion Center, a 1.4 million sf super-regional mall located 27 miles northwest of the Los Angeles CBD in Northridge, California. The floating-rate, interest-only loan has an initial term of two years with three one-year extension options. The loan reached its initial maturity on December 9, 2024. The borrower notified the servicer of their intent to exercise the second maturity extension option contemplated in the loan agreement. As of the December 2024 remittance period and according to the servicer, the loan was extended to December 9, 2025. The borrower may exercise extension options as long as there are no outstanding events of default, a replacement interest rate cap is purchased for the term of the extension, the debt yield is at least 10.1%, and an extension fee of 0.125% is paid.
KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $24.5 million and a KBRA value of $244.6 million ($277 per sf). The resulting KLTV is 112.4%, compared to 114.7% at last review and 116.6% at securitization. KBRA maintains a KPO of Perform on the loan.
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Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
Doc ID: 1007329