Press Release|CMBS
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KBRA Affirms All Ratings for BLOX Trust 2021-BLOX

19 Aug 2025   |   New York

Contacts

KBRA affirms all outstanding ratings for BLOX Trust 2021-BLOX, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

The trust collateral consists of a $205.0 million first-lien floating-rate mortgage loan indexed to one-month Term SOFR. The loan had an initial term of two years, which expired on September 9, 2023, and is currently in its second extension option period. It has one one-year extension option remaining and according to the May 2025 servicer reporting, the borrower intends to utilize the third extension option, fully extending the loan’s maturity to September 9, 2026. The loan is secured by the borrower’s leasehold interests in two Class-A mid-rise office buildings in Bellevue, Washington which are fully leased to Meta Platforms, Inc. (“Meta”, formerly Facebook). The sponsor is BPREP Office Holding LLC, an affiliate of Brookfield Premier Real Estate Partners (BPREP).

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $19.7 million and a KBRA value of $232.1 million ($428 per sf). The current KLTV is 88.3%, compared with 88.7% at last review and 88.3% at issuance. KBRA maintains a KPO of Perform for the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

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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