Press Release|CMBS
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KBRA Affirms All Ratings for BRES 2025-ATCAP

29 Oct 2026   |   New York

Contacts

KBRA affirms its outstanding ratings for BRES 2025-ATCAP, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

The transaction is secured by a $380.0 million non-recourse, first-lien mortgage backed by a portfolio of 30 industrial properties encompassing a total of 4.5 million sf and one excess land parcel located across five states. The floating-rate interest-only loan has an initial term of two years and three one-year extension options. The initial maturity is in November 2027. The sponsors are Real Estate Secondaries Account (Q) LP, an affiliate of Brookfield (NYSE: BN) and ATCAP QSSA Partners, LLC.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $26.7 million and a KBRA value of $335.7 million ($75 per sf). The resulting in-trust KLTV is 113.2%, compared to 113.6% at securitization. KBRA assigned a KPO of Perform to the loan.

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 US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. 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.

Doc ID: 1017767