KBRA Affirms All Ratings for BX 2024-BIO
14 Feb 2025 | New York
KBRA affirms its outstanding ratings for BX 2024-BIO, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.
The transaction’s collateral is a non-recourse, first lien mortgage loan with an outstanding balance of $1.2 billion as of the January 2025 remittance period. The floating-rate, interest-only loan has an initial term of two years and allows three one-year extension options. The initial maturity is in February 2026. The loan is secured by the borrowers’ fee simple interest in the Kendall Square Portfolio and Gateway of Pacific Phase I, a life sciences portfolio comprising a combined 1.1 million sf of lab/office space, 25,697 sf of retail space, 48,287 sf of amenity space, and 3,422 parking stalls. The sponsor of the borrower is BioMed Realty, L.P., which is a portfolio company of The Blackstone Group (NYSE: BX).
KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $97.8 million and a KBRA value of $1.34 billion ($1,216 per sf). The resulting in-trust KLTV is 89.8%, compared to 90.7% at securitization. KBRA assigned a KPO of Perform to the loan.
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