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KBRA Affirms All Ratings for CSMC 2016-NXSR

5 Dec 2025   |   New York

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KBRA affirms all of its outstanding ratings for CSMC 2016-NXSR, a $435.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since KBRA’s last ratings change in December 2020. Since the last ratings change, KBRA's estimated losses have remained stable; however, the transaction, particularly at the top of the capital structure, has benefited from deleveraging through loan payoffs, amortization, and defeasance.

As of the November 2025 remittance report, there are three specially serviced assets (6.2% of the pool balance), which include one REO asset (1.9%) and two loans in foreclosure (4.4%). KBRA identified five K-LOCs (25.7%) including the specially serviced loans. All five K-LOCs have estimated losses and are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 3 Gurnee Mills RT 56,228 13.0% N C Y Maturity Jun-25 $6,174 11.0% 7 Wolfchase Galleria RT 28,209 6.5% N C Y Modification Apr-20 $12,528 44.4% 13 681 Fifth Avenue MU 15,000 3.5% Y FCL N Foreclosure Sep-20 $10,107 67.4% 18 Best Western O'Hare LO 8,111 1.9% Y REO N REO Apr-20 $3,611 44.5% 29 534 Flatbush Ave-Brooklyn MU 3,944 0.9% Y FCL N Foreclosure Feb-20 $950 24.1% Total K-LOCs $111,492 25.7% $33,370 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 93.9%, compared to 89.6% at last review and 104.9% at KBRA's last ratings change in December 2020. The KDSC is 1.81x, compared to 1.82x at last review and 1.61x at KBRA's last ratings change.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

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.

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