KBRA Affirms All Ratings for COMM 2015-CCRE25
1 Aug 2024 | New York
KBRA affirms all of its outstanding ratings for COMM 2015-CCRE25, a $890.4 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight increase in KBRA estimated losses and KLOCs since last review. However, the magnitude of the changes do not warrant rating adjustments at this time.
As of the July 2024 remittance, there is one specially serviced asset (3.3%), which is REO.
KBRA identified ten loans (13.4%) and one REO asset (3.3%) as K-LOCs. This includes three of the top 10 loans (9.6%):
- Sheraton Raleigh (4th largest, 3.6%, 25.0% estimated loss severity)
- Monarch 815 at East Tennessee State (REO, 6th largest, 3.3%, 72.6%)
- The Pinnacle at Bristol Phase I (8th largest, 2.7%)
One other loan (0.6%) has an estimated loss:
- Holiday Inn Express White House (0.6%, 21.9%)
Excluding the K-LOCs with losses, the transaction’s WA KLTV is 88.2% compared with 96.9% at the last review and 104.7% at securitization. The KDSC is 1.79x compared with 1.49x at the last ratings change and 1.63x at issuance.
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