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KBRA Affirms All Ratings for Benchmark 2021-B28

2 Jul 2025   |   New York

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KBRA affirms all of its outstanding ratings for Benchmark 2021-B28, a $1.3 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the June 2025 remittance period, there are two specially serviced loans (2.0% of the pool), one of which (0.4%) is 90+ days delinquent. One additional loan (1.3%) is 30+ days delinquent and is not specially serviced at this time. KBRA identified 10 K-LOCs (10.7%), including the specially serviced and delinquent loans, six of which (6.6%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 11 Koppers Building OF $30,335 2.2% N C N DSCR 10/01/2024 $11,671 38.5% 19 Montgomery Plaza RT $25,096 1.9% N C N Lease Rollover 10/23/2024 - - 22A2 Colonnade Corporate OF $22,313 1.7% Y C N Specially Serviced 12/11/2024 $7,036 31.5% 30 116 East 124th Street OF $18,000 1.3% N C N Lease Rollover 06/28/2024 $4,234 23.5% 32 Pennsauken Logistics IN $17,491 1.3% N 30+ N Delinquent 06/20/2025 - - 53 3915 14th Avenue MU $9,000 0.7% N C N Specially Serviced 04/09/2024 $2,058 22.9% 51 Amazon Prime Wynwood IN $9,000 0.7% N C N Tenant Issues 05/09/2024 - - 65 2679 Redondo OF $5,100 0.4% Y 90+ N Delinquent 08/08/2024 $1,802 35.3% 68 Conroe Texas MF MF $4,576 0.3% N C N DSCR 08/09/2024 - - 71 Cityline Port Charlotte SS $3,180 0.2% N C N DSCR 06/25/2025 $314 9.9% Total K-LOCs $144,091 10.7% $27,116 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-LOCs with estimated losses, the transaction's WA KLTV is 94.2%, compared to 98.3% at last review and 98.7% at securitization. The KDSC is 3.00x, compared to 2.93x at last review and 2.98x at securitization.

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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: 1010217

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