Press Release|CMBS
View PDF

KBRA Affirms All Ratings for BX 2025-PURE3

30 Oct 2026   |   New York

Contacts

KBRA affirms all ratings for BX 2025-PURE3, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

The collateral for the transaction is a CAD 505.0 million non-recourse, first lien mortgage loan secured by the borrower’s fee simple interests in 37 industrial assets encompassing a total of 3.3 million sf. The portfolio contains distribution warehouse (six properties, 41.2% of ALA), general warehouse (23 properties, 40.3%), light manufacturing (six properties, 14.5%), parts manufacturing/warehouse (one property, 2.1%), and flex (one property, 2.0%). The properties are located in three provinces, Ontario (15 properties; 37.9%), British Columbia (two properties, 34.5%), and Quebec (20 properties, 27.7%). According to the March 2026 rent rolls, the portfolio was 93.4% leased.

The floating-rate loan has an initial two-year term with three one-year extension options. The loan requires monthly interest-only payments based on the Daily Compounded Canadian Overnight Repo Rate Average (CORRA) plus a WA componentized spread of approximately 2.42%. The loan sponsor is comprised of affiliates of Blackstone Inc. (NYSE: BX) and affiliates of Ivanhoé Cambridge Inc.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $37.8 million and a KBRA value of $516.1 million ($156 per sf). The resulting in-trust KLTV is 97.8%, which was below 102.9% at securitization. KBRA assigned a KPO of Perform to the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

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.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties 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 US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. 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.

Doc ID: 1017791