In New York, KBRA has assigned preliminary ratings to five classes of BX 2025-PURE3, a Canadian CMBS single-borrower securitization. The collateral for this transaction comprises a CAD 505.0 million floating-rate, interest-only mortgage loan. The loan is anticipated to have a two-year initial term with three one-year extension options and necessitates monthly payments. It will be backed by fee simple interests in 37 industrial assets owned by the borrowers.