Commercial mortgage-backed security

KBRA Assigns Preliminary Ratings to BBCMS 2021-C10

Retrieved on: 
Monday, June 21, 2021

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 19 classes of BBCMS 2021-C10, a $846.8 million CMBS conduit transaction with 64 loans secured by 127 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 19 classes of BBCMS 2021-C10, a $846.8 million CMBS conduit transaction with 64 loans secured by 127 properties.
  • The collateral properties are located across 33 MSAs, the largest three of which are Philadelphia (14.1%), New York (11.4%), and Las Vegas (11.2%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 44.1% less than third party appraisal values.
  • To access ratings and relevant documents, click here .

KBRA Assigns Preliminary Ratings to Agora Securities UK 2021 DAC

Retrieved on: 
Wednesday, June 16, 2021

Kroll Bond Rating Agency UK Limited (KBRA) is pleased to announce the assignment of preliminary ratings to four classes of Agora Securities UK 2021 DAC, a CMBS single-borrower securitisation.

Key Points: 
  • Kroll Bond Rating Agency UK Limited (KBRA) is pleased to announce the assignment of preliminary ratings to four classes of Agora Securities UK 2021 DAC, a CMBS single-borrower securitisation.
  • 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 UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime.
  • Kroll Bond Rating Agency UK is located at Augustine House, Austin Friars, London, EC2N 2HA, United Kingdom.

A&D Mortgage Issues New Securitization with Non-QM Loans

Retrieved on: 
Wednesday, June 16, 2021

HOLLYWOOD, Fla., June 16, 2021 /PRNewswire/ --A&D Mortgage, together with Imperial Fund, recently closed their second stand-alone securitization post the pandemic.

Key Points: 
  • HOLLYWOOD, Fla., June 16, 2021 /PRNewswire/ --A&D Mortgage, together with Imperial Fund, recently closed their second stand-alone securitization post the pandemic.
  • The securitization was for mortgage loans originated and serviced by A&D Mortgage, the primary servicer of the loans.
  • With the backing of securitization, A&D Mortgage is a market driver in the Non-QM arena...
    As one of the very few companies that issues Non-QM securities, the securitization market has been instrumental in expanding A&D Mortgage's ability to conduct transactions on a repeat basis within the mortgage industry.
  • Non-QM loans make up approximately 72% of the pool, with 28% of the pool being ATR-exempt investor property loans.

KBRA Assigns Preliminary Ratings to Benchmark 2021-B27

Retrieved on: 
Monday, June 14, 2021

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 19 classes of Benchmark 2021-B27, a $1.1 billion CMBS conduit transaction collateralized by 47 commercial mortgage loans secured by 170 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 19 classes of Benchmark 2021-B27, a $1.1 billion CMBS conduit transaction collateralized by 47 commercial mortgage loans secured by 170 properties.
  • The collateral properties are located across 29 MSAs, the largest three of which are New York (27.8%), Los Angeles (7.8%), and San Francisco (7.7%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 43.1% less than third party appraisal values.
  • To access ratings and relevant documents, click here .

Ellington Financial Inc. Completes $331.8 Million Non-QM Loan Securitization

Retrieved on: 
Monday, June 14, 2021

Ellington Financial Inc. (NYSE: EFC) (the "Company") announced today that it has closed a $331.8 million securitization backed by a pool of non-qualified residential mortgage (non-QM) loans.

Key Points: 
  • Ellington Financial Inc. (NYSE: EFC) (the "Company") announced today that it has closed a $331.8 million securitization backed by a pool of non-qualified residential mortgage (non-QM) loans.
  • The securitization was rated by both Fitch and KBRA, with the senior tranche receiving AAA ratings.
  • Ellington Financial invests in a diverse array of financial assets, including residential and commercial mortgage loans, residential and commercial mortgage-backed securities, consumer loans and asset-backed securities backed by consumer loans, collateralized loan obligations, non-mortgage and mortgage-related derivatives, equity investments in loan origination companies, and other strategic investments.
  • Ellington Financial is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C.

Moody’s Analytics to Provide CMBS Cash Flow Data for Citi Velocity Platform

Retrieved on: 
Friday, June 11, 2021

Moodys Analytics and Citi announced today that Moodys Analytics will provide data and cash flow analytics for commercial mortgage-backed securities (CMBS) on the Citi Velocity platform.

Key Points: 
  • Moodys Analytics and Citi announced today that Moodys Analytics will provide data and cash flow analytics for commercial mortgage-backed securities (CMBS) on the Citi Velocity platform.
  • The collaboration will allow all Citi Velocity users to access up-to-date and in-depth data and analysis of CMBS deals and tranches from Moodys Analytics.
  • View the full release here: https://www.businesswire.com/news/home/20210611005336/en/
    The addition of CMBS cash flow data expands a collaboration announced in 2018 for Moodys Analytics to provide CLO data on the Citi Velocity platform.
  • The analytical capabilities are powered by Moodys Analytics Structured Finance Portal , a powerful data and analytics tool.

Paul Staples Joins Academy Securities as Director of CMBS Sales & Trading

Retrieved on: 
Thursday, June 10, 2021

Academy Securities, a registered broker-dealer, certified Disabled Veteran Business Enterprise (DVBE), and Minority Business Enterprise (MBE), today announced the addition of Paul Staples as Director of CMBS Sales & Trading.

Key Points: 
  • Academy Securities, a registered broker-dealer, certified Disabled Veteran Business Enterprise (DVBE), and Minority Business Enterprise (MBE), today announced the addition of Paul Staples as Director of CMBS Sales & Trading.
  • He was the Head of CMBS Credit Trading at Citigroup Global Markets where he worked from 2004 until 2014, focusing on commercial real estate loan originations, CMBS primary issuance, and CMBS secondary trading/market-making.
  • Academy is thrilled to expand our Sales & Trading team with the addition of Paul Staples, stated Academys Chairman and CEO Chance Mims, His CMBS expertise will be extremely valuable to our clients.
  • Staples commented on joining Academy Securities: Academy is a standout firm and its an honor to be part of the team.

KBRA Assigns Preliminary Ratings to BANK 2021-BNK34

Retrieved on: 
Wednesday, June 9, 2021

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 38 classes of BANK 2021-BNK34, a $1.0 billion CMBS conduit transaction collateralized by 56 commercial mortgage loans secured by 71 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 38 classes of BANK 2021-BNK34, a $1.0 billion CMBS conduit transaction collateralized by 56 commercial mortgage loans secured by 71 properties.
  • The collateral properties are located across 31 MSAs, the largest three of which are New York (28.2%), Washington DC (21.7%), and Pittsburgh (6.8%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 43.6% less than third party appraisal values.
  • To access ratings and relevant documents, click here .

KBRA Releases Monthly CMBS Trend Watch

Retrieved on: 
Friday, June 4, 2021

Kroll Bond Rating Agency (KBRA) releases the May 2021 issue of CMBS Trend Watch.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases the May 2021 issue of CMBS Trend Watch.
  • CMBS private label pricing volume ended the month of May at $4.7 billion, bringing the year-to-date (YTD) issuance total to $30.6 billion.
  • There were also 12 KBRA Performance Outlook (KPO) changes, including 10 to Underperform from Perform and two to Perform from Underperform.
  • KBRA is a full-service credit rating agency registered in the U.S., the EU and the UK, and is designated to provide structured finance ratings in Canada.

KBRA Assigns Ratings to Benchmark 2021-B26

Retrieved on: 
Thursday, May 27, 2021

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 18 classes of Benchmark 2021-B26, a $983.3 million CMBS conduit transaction collateralized by 39 commercial mortgage loans secured by 127 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 18 classes of Benchmark 2021-B26, a $983.3 million CMBS conduit transaction collateralized by 39 commercial mortgage loans secured by 127 properties.
  • The collateral properties are located across 72 MSAs, the largest three of which are New York (18.0%), San Francisco (9.8%), and Seattle (9.5%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 42.3% less than third party appraisal values.
  • To access ratings and relevant documents, click here .