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KBRA Preliminary Ratings to Benchmark 2021-B25

·3-min read

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 18 classes of Benchmark 2021-B25, a $1.2 billion CMBS conduit transaction collateralized by 47 commercial mortgage loans secured by 76 properties.

The collateral properties are located throughout 13 MSAs, the largest three of which are San Francisco (18.4%), New York (18.0%), and Seattle (7.4%). The pool has exposure to all of the major property types, with two types representing more than 15.0% of the pool balance: office (59.1%) and industrial (16.7%). The loans have principal balances ranging from $3.0 million to $120.0 million for the largest loan in the pool, Burlingame Point (9.9%), which is secured by an 805,118 sf, Class-A suburban office complex located in Burlingame, California, approximately 17 miles south of San Francisco. The five largest loans, which also include SOMA Teleco Office (8.5%), Amazon Seattle (7.4%), 4800-4900 Fournace Place (4.7%), and 909 Third Avenue (4.1%), represent 34.6% of the initial pool balance, while the top 10 loans represent 52.6%.

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 U.S. CMBS Property Evaluation Methodology. On an aggregate basis, KNCF was 10.2% 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, 42.8% less than third party appraisal values. The pool has an in-trust KLTV of 97.9% and an all-in KLTV of 111.9%. 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.

Click here to view the report. To access ratings and relevant documents, click here.

Related Publications


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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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Analytical Contacts
Caitlin Parrella, CFA, Associate Director (Lead Analyst)
+1 (646) 731-3310

Lynn D'Eugenio, Senior Director
+1 (646) 731-2487

Nitin Bhasin, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2334

Business Development Contact
Michele Patterson, Managing Director
+1 (646) 731-2397