KBRA Places the Ratings of Six Classes of CGCMT 2014-GC25 on Watch Downgrade

KBRA places the ratings of six classes of CGCMT 2014-GC25, a CMBS conduit transaction, on Watch Downgrade.

The Watch placements are based on an increase in interest shortfalls and, in some cases, in the concentration of specially serviced assets and K-LOCs. Currently, interest shortfalls are affecting up to and including the Class C certificates. KBRA also considered the likelihood of interest shortfalls continuing and reaching higher in the capital structure during the resolution of the specially serviced assets.

As of the May 2025 remittance period, there are four specially serviced assets (100% of the pool balance), of which one (16.1%) is in foreclosure and three (83.9%) are matured non-performing. KBRA identified all four assets as K-LOCs, 100% of the transaction.

KBRA will continue to monitor the transaction and the underlying loans’ performance and will seek to resolve or update the Watch Downgrade status within 90 days.

Details concerning the classes with ratings placed on Watch are as follows:

To access ratings and relevant documents, click here.

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