KBRA Affirms All Ratings for BANK 2021-BNK34
11 Apr 2025 | New York
KBRA affirms all of its outstanding ratings for BANK 2021-BNK34, a $1.0 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the March 2025 remittance period, there is one specially serviced loan (0.5% of the pool balance) which is in foreclosure. KBRA identified four loans as K-LOCs (3.3%) including the specially serviced loan, none of which are among the top 10 by balance.
One of the K-LOCs has an estimated loss:
- Sherman Oaks Plaza (1.1% of the pool balance, 33.3% estimated loss severity)
The three remaining K-LOCs represent 2.2% of the pool balance and do not have estimated losses.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 92.2%, in line with last review and compared to 92.9% at securitization. The KDSC is 3.10x, compared to 3.19x at last review and 3.05x at securitization.
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