KBRA Affirms All Ratings for BBCMS 2021-C12
13 Sep 2024 | New York
KBRA affirms all of its outstanding ratings for BBCMS 2021-C12, a $1.1 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the August 2024 remittance period, there are two specially serviced loans (2.5% of the pool balance) that are 90+ days delinquent. KBRA identified four K-LOCs (4.1%), including the two specially serviced assets, one of which has an estimated loss:
- Courtyard by Marriott - Lake Charles, LA (0.9% of the pool, 91.6% estimated loss severity).
The remaining three K-LOCs do not have estimated losses and represent 3.2% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 109.2%, compared to 103.9% at last review and 103.8% at securitization. The KDSC is 2.10x, compared to 2.21x at last review and 2.19x at securitization.
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