KBRA Commentary on Fire Near Starz Mortgage Securities 2021-1 DAC Brixton Loan Collateral

According to news sources monitored by KBRA UK (KBRA), there was a large fire in close proximity to Brixton Market, which serves as collateral for one of the London assets in Starz Mortgage Securities 2021-1 DAC. The fire occurred on the evening of Saturday 16 July, and it engulfed a warehouse located on Electric Lane, which is proximate to the Brixton loan collateral properties. According to both the asset manager and servicer, Starz Mortgage Capital Ltd. and Situs Asset Management Limited, the collateral properties were not damaged. The Brixton loan is the second largest loan in the pool, representing approximately 20.3% of the total pool balance as of the May 2022 interest payment date. The collateral comprises two irregular shaped sites, arranged as indoor markets, Brixton Village and Market Row. The markets are arranged as covered arcades featuring a mix of coffee shops, restaurants, grocery traders, local independent retailers, and a small residential element (Granville Court – forming part of Brixton Village).

KBRA visited the property on Wednesday, 20 July 2021 at 10:00 am. Brixton Village and Market Row were both open, with no impediment to accessways or entrances. Most of the grocery traders, coffee shops, and independent retailers were open, while many of the restaurants and bars have opening hours later in the day. Both markets had a steady amount of foot traffic. There was no evidence of the fire as all roads, and the adjacent tube station were open and functioning. Overall, the fire did not appear to affect Brixton Village and Market Row operations.

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