Press Release|CMBS
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KBRA Affirms All Ratings for MED 2024-MOB

7 May 2026   |   New York

Contacts

KBRA affirms its outstanding ratings for MED 2024-MOB, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

The transaction is secured by a $450.5 million non-recourse, first lien mortgage loan backed by a portfolio of 34 medical office buildings. The assets primarily have a concentration of tenants affiliated with a nearby hospital or large healthcare network (30 properties, 91.3% of loan balance) of which 22 (62.5%) are near a hospital campus. Four properties (8.7%) are both unaffiliated and off campus. The portfolio assets are located in 13 states, the three largest of which are New York (six, 29.4%), Texas (eight, 20.4%), and Indiana (six, 10.1%). The floating-rate loan has an initial two-year term with three one-year extension options and requires monthly interest-only payments based on one-month Term SOFR plus a spread of 2.40%. The initial maturity date is May 9, 2026, and according to the servicer, the first extension notice has been received and is under review. The sponsor of the borrowing entities is Starwood Property Trust, Inc. (NYSE: STWD), an affiliate of Starwood Capital Group (SCG).

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $42.9 million and a KBRA value of $481.8 million ($248 per sf). The resulting in-trust KLTV is 93.5%, compared to 95.2% at last review, and 95.0% at securitization. KBRA maintains a KPO of Perform on 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.

Doc ID: 1014849