Press Release|CMBS
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KBRA Affirms All Ratings for BX 2024-AIR2

26 Sep 2025   |   New York

Contacts

KBRA affirms its ratings for BX 2024-AIR2, a CMBS single-borrower transaction. The affirmation follows a surveillance review of the transaction, which has exhibited an overall stable performance since issuance.

The transaction collateral is a non-recourse, first-lien mortgage loan secured by the borrowers’ fee simple interests in eight multifamily properties with 2,850 units in five states. At securitization there were nine properties with 2,903 units in the portfolio; one was released from the collateral in March 2025, and the loan balance was paid down to $1.01 billion from $1.05 billion. The floating-rate loan has an initial two-year term with three one-year extension options.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $70.5 million and a KBRA value of $990.4 million ($347,503 per unit). The resulting in-trust KLTV is 101.7%, compared to 102.1% at securitization. KBRA assigns a KPO of Perform to the loan based on the stable performance since securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

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.

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