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KBRA Affirms All Ratings for Benchmark 2021-B29

11 Jul 2025   |   New York

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KBRA affirms all of its outstanding ratings for Benchmark 2021-B29, a $1.1 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening of pool performance compared to last review. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the June 2025 remittance period, there is one specially serviced asset (2.4%) which is in foreclosure. KBRA identified three K-LOCs (5.0% of the pool balance), including the specially serviced asset. Of the K-LOCs, one (0.3%) has an estimated loss.

Loss Given Default (000s) Loss Severity 10 Independence Lofts MF $26,885 2.4% Y FCL N Specially Serviced 02/08/24 - - 13 Falls of Deer Park Apartments MF $25,090 2.3% N 30+ N Delinquent 06/27/25 - - 47 Fayetteville Self Storage SS $3,289 0.3% N 30+ N Delinquent 06/27/25 $1,125 34.2% Total K-LOCs $55,264 5.0% $1,125 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 99.7%, compared to 98.2% at last review and 96.7% at issuance. The KDSC is 2.64x, compared to 2.69x at last review and 2.68x at issuance.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

Doc ID: 1010296

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