Press Release|CMBS
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KBRA Affirms All Ratings for SREIT 2021-MFP

14 Nov 2025   |   New York

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KBRA affirms all its ratings for SREIT 2021-MFP, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in performance since issuance. However, the magnitude of the change does not warrant rating adjustments at this time.

The transaction collateral is a non-recourse, first-lien mortgage loan secured by the borrowers’ fee simple interests in 52 multifamily properties with 12,959 units in 10 states. At securitization there were 62 properties with 15,465 units but 10 been have released from the collateral and the loan balance has been paid down to $1.69 billion from $2.01 billion at securitization. The floating-rate loan had an initial two-year term with three one-year extension options. The loan’s initial maturity was in November 2023, and the borrower previously exercised two of the extensions through November 2025. According to the servicer, the loan’s maturity date has been extended to November 9, 2026, which is the fully extended maturity date.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $127.1 million and a KBRA value of $1.54 billion ($119,214 per unit). The resulting in-trust KLTV is 109.3%, compared to 110.5% at last review and 117.7% at securitization. KBRA maintains the loan’s KPO of Perform.

To access ratings and relevant documents, click here.

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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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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