NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) announces the assignment of ratings to seven classes of MHC Commercial Mortgage Trust 2021-MHC, a CMBS single-borrower securitization.
The collateral for the transaction is a $2.205 billion non-recourse, first lien mortgage loan. The floating rate loan has an initial two-year term with three one-year extension options and requires monthly interest-only payments based on one-month LIBOR. The loan is secured by the borrowers’ fee simple interests in 124 manufactured housing communities (MHC) totaling 29,086 pads and 771 RV sites located across 13 states. As of March 2021, the portfolio had a revenue occupancy of 88.5%.