KBRA Affirms All Ratings for Greystone 2021-HC2
12 Dec 2024 | New York
KBRA affirms all of its outstanding ratings for Greystone 2021-HC2, a CRE CLO transaction with a three-year reinvestment period expiring in December 2024. The affirmations follow a surveillance review of the transaction, which has exhibited an overall improvement in loan performance since securitization as many of the properties are nearing/achieving their stabilization plans. However, the magnitude of the changes does not warrant ratings adjustments at this time.
At the time of this review, the total collateral balance is $450.0 million, which is comprised of 17 first mortgage loans secured by 44 properties and $11.7 million of cash collateral. During the remainder of the transaction’s reinvestment period, which ends in December 2024, the issuer can continue to acquire previously unidentified whole loans and senior participations with principal proceeds from the mortgage assets, provided such assets satisfy the reinvestment criteria and eligibility criteria.
As of the November 2024 remittance period, there is one loan (1.4% of the loan pool balance) that is non-performing matured balloon. The loan is expected to be extended. The transaction’s WA KLTV is 126.0%, compared to 140.7% at last review and 156.1% at securitization. The KDSC at Index Cap is 1.25x, compared to 1.14x at last review and closing. The overcollateralization and interest coverage tests have each been satisfied during each distribution date since issuance.
To access ratings and relevant documents, click here.
Click here to view the report.