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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