Benchmark 2021-B23 Mortgage Trust
Presale: Benchmark 2021-B23 Mortgage Trust January 26, 2021 PRIMARY CREDIT ANALYST Preliminary Ratings Tamara A Hoffman New York Class(i) Preliminary rating Preliminary amount ($) Credit Enhancement (%) + 1 (212) 438 3365 A-1 AAA (sf) 21,244,000 30.000 tamara.hoffman @spglobal.com A-2 AAA (sf) 155,183,000 30.000 SECONDARY CONTACT A-4A1(ii) AAA (sf) TBD 30.000 Della Cheung A-4A2(iv) AAA (sf) 200,000,000 30.000 New York A-5(ii) AAA (sf) TBD 30.000 + 1 (212) 438 3691 della.cheung A-AB AAA (sf) 19,922,000 30.000 @spglobal.com X-A (iii) AAA (sf) 1,181,663,000 N/A A-S AAA (sf) 163,615,000 18.750 B AA-(sf) 59,992,000 14.625 C A- (sf) 45,449,000 11.500 X-B(iii)(iv) A- (sf) 105,441,000 N/A X-D(iii)(iv) NR 72,718,000 N/A X-F(iii)(iv) NR 32,723,000 N/A X-G(iii)(iv) NR 14,543,000 N/A X-H(iii)(iv) NR 47,267,145 N/A D(iv) NR 50,902,000 8.000 E(iv) NR 21,816,000 6.500 F(iv) NR 32,723,000 4.250 G(iv) NR 14,543,000 3.250 H(iv) NR 47,267,145 0.000 VRR interest(v) NR 76,545,008 N/A 360A(vi) NR 12,350,000 26.295 360B(vi) NR 16,387,000 15.496 360C(vi) NR 16,388,000 4.696 360D(vi) NR 7,125,000 0.000 www.standardandpoors.com January 26, 2021 1 © S&P Global Ratings.
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