KBRA Assigns Preliminary Ratings to BOS 2026-LYRK

NEW YORK--(BUSINESS WIRE)--KBRA announces the assignment of preliminary ratings to one class of BOS 2026-LYRK, a CMBS single-borrower securitization.

The collateral for the transaction is a $360.0 million non-recourse, first lien mortgage loan. The fixed rate loan has a five-year term and requires monthly interest-only payments that are based on an assumed coupon of 5.95%. The loan is secured by the borrower’s leasehold interest in Lyrik, a 20-story, Class-A, LEED Gold certified office building located on the corner of Boylston Street and Massachusetts Avenue in the Back Bay neighborhood of Boston. The 495,275 sf tower was built in 2024 and is primarily comprised of office space (457,263 sf, 92.3% of total sf), with the remaining area utilized for retail space (38,012 sf, 7.7%). As of April 2026, the property was 93.4% leased to 11 tenants. The five largest tenants at the property include CarGurus (46.3% of total base rent), Lego (32.8%), Weil, Gotshal & Manges LLP (10.6%), Rivian (3.4%), and Avra (2.5%). Together, these top five tenants account for 95.7% of total base rent and 90.2% of the total sf.

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, and its ESG Global Rating Methodology, to the extent deemed applicable.

The results of our analysis yielded a KBRA net cash flow (KNCF) for the subject of approximately $29.7 million, which is 10.3% below the issuer’s NCF, and a KBRA value of $359.7 million, which is 33.8% below the appraiser’s value. The resulting in-trust KBRA Loan to Value (KLTV) is 100.1%. In our analysis of the transaction, we also reviewed and considered third party engineering, environmental, and appraisal reports, the results of our site inspection of the property, and legal documentation review.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

• CMBS: North American CMBS Property Evaluation Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
• ESG Global Rating Methodology

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.

Doc ID: 1014475