KBRA Affirms All Ratings for CSAIL 2015-C3
10 Jul 2026 | New York
KBRA affirms all outstanding ratings for CSAIL 2015-C3. The transaction has been reduced to seven loans and a balance of $202.9 million from 89 loans and $1.4 billion at securitization. Each of the remaining assets has been identified as a KBRA Loan of Concern (K-LOC). The affirmations are based on KBRA’s expected resolutions of the remaining loans and our estimated losses totaling $97.2 million, which, if realized, would impact Class D and below. The estimated losses have increased moderately since KBRA’s last ratings change in July 2025; however, the magnitude of the change does not warrant ratings adjustments at this time.
As of the June 2026 remittance period, six assets are specially serviced, of which three (36.2%) are in foreclosure.
The Mall of New Hampshire ($100.0 million, 49.3%, Current)
- The loan is collateralized by a 405,723 sf portion of an 811,573 sf regional mall located in Manchester, New Hampshire, approximately 58 miles northwest of the Boston CBD. The Simon-owned mall is currently anchored by JCPenney and Macy’s, each of which owns its improvements and underlying land. In addition, the former 139,462 sf Sears non collateral box was redeveloped by Seritage Growth Properties in 2019 and 2020 and is currently leased to Dave & Busters (45,267 sf) and Dick’s Sporting Goods (35,137 sf). According to Green Street, the property has a quality grade of 'A-'; nearby competitors are Merrimack Premium Outlets (A) and Burlington Mall (A+), both located within 35 miles of the subject.
- The loan transferred to the special servicer in August 2025 after failing to pay off at its scheduled July 2025 maturity date. The annualized YTD September 2025 servicer NCF was $9.7 million, which represents a 38.3% decrease from issuer's underwritten expectations at securitization. Pursuant to the February 2026 rent roll, the asset was 85.3% leased, compared to 86.5% at last review and 97.8% at closing. Lease rollover through YE 2026, inclusive of MTM leases, represents 13.2% of base rent across 24 leases. After the loan's failure to pay off at maturity, the loan was modified to extend maturity through July 2027 with one additional extension option through July 2028, which requires a modification fee of $1.5 million. The loan was subsequently returned to the master servicer in January 2026 and continues to perform under its modification. The servicer reported an occupancy and DSC of 100% and 1.56x for the annualized YTD September 2025 period. An updated appraisal dated June 2025 valued the asset at $154.0 million ($386 per sf), which is 39.8% below the $256.0 million ($642 per sf) appraised value at issuance.
- As of the May 2026 remittance period, the loan is current in payment and not with the special servicer. However, in the event of another default, KBRA estimates that the loan could experience a loss given default of $63.1 million (42.1% estimated loss severity) on the whole loan balance of $150.0 million, of which $42.1 million of the estimated loss would be allocated to the trust. The loss is based on a KBRA liquidation value of $86.9 million ($218 per sf) and projected total exposure equal to the whole loan balance. The liquidation value was derived from a direct capitalization approach using a KNCF of $9.6 million and a capitalization rate of 11.00%.
Westfield Trumbull ($41.2 million, 20.3%, K-LOC, Specially Serviced, Foreclosure)
- The loan is collateralized by a two-story, 1.1 million sf enclosed regional mall located in Trumbull, Connecticut, approximately five miles north of the Bridgeport CBD. The mall is currently anchored by Macy's, Target, and JCPenney. The former Lord & Taylor anchor box, which is owned by Hudson's Bay Company, remains vacant since the store closure in February 2021. According to Green Street, the property has a quality grade of 'B'; nearby competitors are Connecticut Post Mall (C+) and The Sono Collection (A+), both located within 13 miles of the subject.
- The loan transferred to the special servicer in March 2025 due to maturity default. A receiver was appointed in July 2025 and has advanced the property sale process, with final offers received in April 2026 and a sale recommendation pending. According to the March 2026 rent roll, the property was 76.3% leased compared to 80.4% at last review and 98.0% at issuance. The current KNCF is 52.5% below KNCF at securitization primarily driven by declining base rent and increased expenses. The servicer-reported FY 2025 NCF of $7.3 million has declined 54.2% from the issuer's underwritten NCF of $16.0 million.
- The asset has not had an updated appraisal since closing and carries an aggregate ARA of $33.8 million on the whole loan balance, resulting in a cumulative ASER of $1.1 million. KBRA's analysis resulted in an estimated loss of $98.4 million (64.6% estimated loss severity) on the whole loan balance of $152.3 million, of which $26.6 million of the estimated loss is allocated to this trust. The loss is based on a KBRA liquidation value of $61.1 million ($53 per sf) and projected total exposure of $159.5 million. The value is derived from a direct capitalization approach using a KNCF of $7.3 million and a capitalization rate of 12.00%.
21 Astor Place ($26.7 million, 13.0%, K-LOC, Specially Serviced, Foreclosure)
- The loan is collateralized by a 11,121 sf retail condominium located in the NoHo neighborhood in New York City's borough of Manhattan. The collateral is located on the ground floor (9,020 sf) and basement level (2,101 sf) of an 11-story mixed-use condominium building that has 50 apartment units that are not part of the collateral.
- The loan transferred to special servicing in December 2024 due to payment default and its status was marked in foreclosure as of May 2026. A receiver was appointed in November 2025, and foreclosure efforts are ongoing. According to the April 2026 rent roll, the property is currently 59.4% leased, down from 100.0% at closing, following Starbucks' (formerly 64.6% of base rent) departure in March 2025.
- An updated appraisal dated October 2025 valued the property at $11.7 million ($1052 per sf), which represents a 72.1% decline from the $42.0 million ($3777 per sf) value at issuance. The asset carries an aggregate ARA of $17.3 million, resulting in a cumulative ASER of $548,853. KBRA's analysis resulted in an estimated loss of $17.6 million (66.2% estimated loss severity). The loss is based on a KBRA liquidation value of $10.8 million ($107 per sf) and projected total exposure of $28.4 million. The value considers a distressed non-stabilized disposition of the asset.
Syracuse Office Portfolio ($15.2 million, 7.5%, K-LOC, Specially Serviced, Matured Performing)
- The loan is collateralized by two office building totaling 253,200 sf office located in the CBD of Syracuse, New York.
- The loan transferred to the special servicer in September 2025 due to maturity default. In January 2026, a forbearance was approved through August 2027, with a 12-month extension option. The servicer reported an occupancy and DSC of 86% and 1.24x for the FY 2025 period.
- KBRA's analysis resulted in an estimated loss of $588,834 (3.9% estimated loss severity). The loss is based on a KBRA liquidation value of $15.0 million ($87 per sf) and projected total exposure of $15.5 million. The value is derived from a direct capitalization approach using a KNCF of $1.4 million and a capitalization rate of 9.25%.
The remaining three K-LOCs account for 9.8% of the pool balance, all of which have estimated losses.
- Millside Plaza ($9.6 million 4.7%, 55.9% estimated loss severity)
- Walgreens - Waterford ($5.7 million 2.8%, 38.6% estimated loss severity)
- PA Rite Aid Portfolio ($4.7 million 2.3%, 61.2% estimated loss severity)
Details concerning the rating affirmations are as follows:
- Class C at BBB (sf)
- Class D at CCC (sf)
- Class E at C (sf)
- Class F at C (sf)
Ratings Sensitivities
Future rating actions will be dependent upon the ongoing assessment of the timing and likelihood of ultimate payment of principal and accrued interest on the rated certificates. The assessment will consider the expected and actual losses on the remaining assets in the transaction, as well as the magnitude and extent of interest shortfalls, if any, on the certificates.
To access ratings and relevant documents, click here.