KBRA Affirms All Outstanding Ratings for MSCI 2015-UBS8
1 Oct 2026 | New York
KBRA affirms all of its outstanding ratings for MSCI 2015-UBS8, a CMBS conduit transaction. The transaction has been reduced to three loans with an aggregate balance of $71.8 million from 57 loans totaling $805.0 million at securitization. The ratings actions are based on our identification of all remaining assets as KBRA Loans of Concern (K-LOCs), our estimated losses of $2.1 million (which, if realized, would impact Class F and G certificates) and corresponding recoveries; realized losses totaling $38.8 million, which were allocated to classes G, H, and J; and cumulative interest shortfalls of $4.0 million affecting classes F and below.
As of the August 2026 remittance period, each of the remaining assets (100% of the pool balance) are specially serviced including one loan (10.8%) that is 90+ days delinquent. KBRA identified each loan as a K-LOC, only one of which (10.8%) has an estimated loss. The details of the remaining assets are outlined below.
Grove City Premium Outlets ($40.0 million, 55.8%, Specially Serviced, Current)
- The loan is collateralized by a 531,212 sf outlet center located in Grove City, Pennsylvania, approximately 60 miles north of Pittsburgh. The property was acquired by the sponsor, Simon Property Group, in 2010 as part of the $2.3billion Prime Outlets 21 outlet center portfolio acquisition. The development is comprised of seven single-story buildings and offers 2,931 surface parking spaces.
- The loan transferred to the special in August 2025, as the borrower indicated there was no way to refinance by the upcoming maturity date of December 2025. The borrower and lender agreed to terms of a forbearance agreement in December 2025, which extends final maturity until December 2027. According to the March 2026 rent roll, leases representing 24.1% of base rent operate on a MTM basis, with leases representing an additional 17.5% of base rent scheduled to expire through YE 2027. Since last review, nine tenants representing 11.8% of total sf and base rent renewed through 2028, or beyond.
- The servicer reported occupancy and DSC are 77.0% and 2.02x for the YTD ended June 2026. At this time, KBRA does not estimate a loss for this asset.
Gulfport Premium Outlets ($24.0 million, 33.4%, Specially Serviced, Current)
- The loan is collateralized by a 300,238 sf outlet center located in Gulfport, Mississippi, approximately 71 miles southwest of Mobile, Alabama. The property was acquired by the sponsor, Simon Property Group, in 2009 as part of the$2.3 billion Prime Outlets 21 outlet center portfolio. The development is comprised of five, single-story buildings. The property is subject to a ground lease with the Board of Education of Harrison County that expires in 2035 and contains one, 25-year renewal option.
- The loan transferred to the special in August 2025 as the borrower indicated it would be unable to refinance the loan by the December 2025 maturity date. Following the transfer, the borrower and lender agreed to terms of a forbearance agreement in December 2025, which extends final maturity until December 2027. Since last review, thirteen tenants representing 22.9% of total sf and 31.4% of total base rent renewed their leases through 2028, or beyond.
- The servicer reported occupancy and DSC are 87.8% and 2.37x for the YTD ended September 2025. At this time, KBRA does not estimate a loss for this asset.
Crowne Plaza Englewood ($7.8 million, 10.8%, Specially Serviced, 90+ Days Delinquent)
- This loan is collateralized by the borrower’s leasehold interest in a 194-key, full-service hotel located in Englewood, New Jersey, near the George Washington Bridge and approximately 11 miles northwest of Midtown Manhattan. The property, which was built in 1989 and renovated in 2014, is located less than one mile from Interstate 95.
- The loan has been with the special servicer since June 2020 when COVID-related relief was requested. In December 2024, the loan was assumed by a new party, and in October 2025, the special servicer sent a default notice to the new borrower for non-compliance with the assumption agreement. A receivership motion was adjourned until late-September 2026.
- The servicer reported occupancy and DSC are 67.0% and -0.27x for the YTD ended June 2025. An appraisal dated March 2026 valued the property at $9.2 million ($47,423 per sf), which is 43.9% lower than the $16.4 million ($84,536 per sf) appraised value at issuance. As a result, the asset carries an ARA of $1.4 million. As of September 2026, the loan has been declared non-recoverable with cumulative non-recoverable interest of $978,268 accrued. KBRA’s analysis resulted in an estimated loss of $2.1 million (26.5% estimated loss severity) on the $7.8 million loan balance. The loss is based on a KBRA liquidation value of $7.1 million ($36,357 per key) and total projected exposure of $9.1 million. The value is derived from a direct capitalization approach using a stabilized KNCF of $851,634, a capitalization rate of 11.25%, and a downward adjustment of $516,902 to account for foregone income during the stabilization period.
Details concerning the rating affirmations are as follows:
- Class C at BBB (sf)
- Class D at B- (sf)
- Class E at CCC (sf)
Rating 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.