KBRA Assigns Preliminary Ratings to LBA 2026-LBA6
KBRA announces the assignment of preliminary ratings to seven classes of LBA 2026-LBA6, a CMBS single-borrower securitization. The collateral for the transaction is a $950 million floating rate, interest-only mortgage loan. The loan is expected to have an initial two-year term with three, one-year extension options and require monthly interest-only payments. The loan will be secured by the borrower's fee simple interests in 39 industrial assets (98.1% of ALA), one office property (1.7%) and one land parcel (0.2%), which collectively total 8.3 million sf. The properties are located in 10 states, the five largest of which are California (14 properties, 41.2% of ALA), Illinois (eight, 13.0%), Florida (two, 10.1%), New Jersey (four, 9.3%), and Washington (five, 7.0%). As of June 2026, the portfolio was 84.8% leased to over 65 unique tenants.
KBRA’s analysis of the transaction included a detailed evaluation of the property’s cash flows using our North American CMBS Property Evaluation Methodology and the application of our North American CMBS Single Borrower & Large Loan Rating Methodology. In addition, KBRA also relied on its Global Structured Finance Counterparty Methodology for assessing counterparty risk in this transaction.
