KBRA Affirms All Ratings for BFLD 2024-WRHS
18 Jul 2025 | New York
KBRA affirms its outstanding ratings for BFLD 2024-WRHS, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.
At securitization, the transaction was secured by a $608.4 million non-recourse, first-lien mortgage loan backed by a portfolio of 83 properties with 9.9 million sf of space. Since closing, 12 property releases have decreased the portfolio to 71 properties and reduced the outstanding balance to $564.0 million as of the June 2025 remittance period. The portfolio has 9.2 million sf of space that is leased to about 215 tenants. The properties are located across seven states. The floating-rate, interest-only loan has an initial term of two years and allows three one-year extension options. The loan sponsor is Brookfield Asset Management (“Brookfield”).
KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $40.5 million and a KBRA value of $545.3 million ($59 per sf). The resulting in-trust KLTV is 103.4%, compared to 103.8% at securitization. KBRA assigns a KPO of Perform for the loan.
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