KBRA Places All Ratings of Berg Finance 2021 DAC on Watch Developing
17 Apr 2026 | London
KBRA UK (KBRA) has placed the ratings of all outstanding classes of Berg Finance 2021 DAC, a €48.3 million CMBS single borrower transaction on Watch Developing. The Watch placements reflects the transfer of the underlying Sirocco Loan to special servicing following the borrower’s failure to repay the outstanding loan balance at its scheduled final maturity on 15 April 2026, constituting a non-payment Event of Default.
According to a notice published by the servicer on 15 April 2026, a short-term extension of the loan’s final maturity date could not be granted due to the terms of the transaction documents. The servicer noted that the borrower’s refinancing has been delayed. The Facility Agent, Security Agent, and the obligors’ agent entered into a standstill agreement for a period through to 15 July 2026. During this period, the parties agreed not to take action to exercise the issuer’s rights or remedies related to the Event of Default.
At closing, the transaction collateral consisted of two non-crossed, limited recourse, first-lien mortgage loans: Big Mountain and Sirocco. The Big Mountain loan was repaid in full, while the Sirocco loan remains outstanding. The Sirocco loan was initially secured by four properties, three of which was subsequently released at a release premium of 119.0%.
The remaining property is Peak Vienna, a 31-storey office building in Vienna, Austria, with a total area of 40,250 sq m and an appraised value of EUR 95.6 million as of July 2024. According to the January 2026 investor report, occupancy improved to 82.9% from 78.0% as of KBRA’s last annual review. For the latest reporting period, the LTV was 50.5% and the debt yield was 11.6%.
KBRA will continue to monitor the transaction and the underlying loan’s performance and will seek to resolve the Watch within 90 days.
To access ratings and relevant documents, click here.