KBRA Assigns Ratings to BMO 2025-C13
22 Oct 2025 | New York
KBRA is pleased to announce the assignment of ratings to 18 classes of BMO 2025-C13, a $814.2 million CMBS conduit transaction collateralized by 47 commercial mortgage loans secured by 89 properties. The collateral properties are located throughout 30 MSAs, of which the three largest are New York (19.6% of pool balance), Dallas - Fort Worth (9.6%), and Boston (9.5%). The pool has exposure to all major property types, with four types representing more than 10.0% of the pool balance: self-storage (29.7%), retail (24.7%), mixed-use (10.7%), office (10.2%), and multifamily (10.1%). The loans have in-trust principal balances ranging from $2.4 million to $77.5 million for the largest loan in the pool, BioMed MIT Portfolio (9.5%), comprised of eight life science lab/office properties totaling 1.3 million sf located in Cambridge, Massachusetts, directly adjacent to the Massachusetts Institute of Technology (MIT) campus. The five largest loans, which also include UOVO Evergreen (9.5%), 512 West 22nd Street (8.0%), Robertson's Creek (5.8%) and The Willard & The Met (5.1%), represent 37.8% of the initial pool balance, while the top 10 loans represent 57.2%.
KBRA’s analysis of the transaction incorporated our multi-borrower rating process that begins with our analysts' evaluation of the underlying collateral properties' financial and operating performance, which determine KBRA’s estimate of sustainable net cash flow (KNCF) and KBRA value using our North American CMBS Property Evaluation Methodology. On an aggregate basis, KNCF was 12.9% less than the issuer cash flow. KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 37.7% less than third party appraisal values. The pool has an in-trust KLTV of 91.4% and an all-in KLTV of 95.2%. The model deploys rent and occupancy stresses, probability of default regressions, and loss given default calculations to determine losses for each collateral loan that are then used to assign our credit ratings.
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