KBRA Affirms All Ratings for Benchmark 2023-V2
16 May 2025 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2023-V2, a $857.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization, including the addition of K-LOCs with estimated losses. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the April 2025 remittance period, there is one specially serviced loan (0.5% of the pool balance), which is 90+ days delinquent, and one loan (8.7%) that is 30+ days delinquent. KBRA identified three K-LOCs (10.2%), including the specially serviced asset. The K-LOCs include one top 10 loan (8.7%):
- Austin Multifamily Portfolio (2nd largest, 8.7%, 27.4% estimated loss severity)
One additional K-LOC has an estimated loss:
- Chicago Heights (0.5%, 2.8%)
The other K-LOC represents 0.9% of the pool balance and does not have an estimated loss.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 91.7%, compared to 93.1% at last review and 93.2% at securitization. The WA KDSC is 1.48x, compared to 1.49x at last review and securitization.
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Related Publication
Methodologies
- CMBS: North American CMBS Property Evaluation Methodology
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: North American CMBS Multi-Borrower Rating Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology