Press Release|CMBS
KBRA Affirms All Ratings for WFRBS 2013-C14
14 Aug 2026 | New York
KBRA affirms all of its outstanding ratings for WFRBS 2013-C14. The transaction has been reduced to five assets and a balance of $314.5 million from 73 loans and $1.5 billion at closing. The affirmations reflect stability in our estimated losses for the remaining five assets since our last rating changes in August 2025. Each of the five remaining assets are K-LOCs, including three (33.7% of the pool balance) that are specially serviced, of which one is REO (4.0%), one is in foreclosure (5.8%) and one (24.0%) is matured non-performing. Of the K-LOCs, three (44.1%) have estimated losses. The servicer has already made a non-recoverable determination for two of the assets. The details of the assets are outlined below.
White Marsh Mall ($108.1 million, 34.4%, K-LOC, Current)
- The loan is collateralized by a 702,317 sf portion of a 1.2 million sf regional mall located 12 miles north of downtown Baltimore. The mall has two non-collateral anchors, JCPenney and Macy's, and two collateral anchors, Macy's Home Store and Boscov's. The mall’s fourth anchor box formerly occupied by Sears (non-collateral), remains vacant since its store closure in 2020. The mall is rated B+ by Green Street.
- The loan transferred to special servicing in August 2020 and failed to pay off at its May 2021 maturity. In November 2024, a loan modification and extension agreement was executed when Spinoso acquired the property and assumed the loan. The agreement extended the loan’s maturity to May 2027 and provides for two one-year extension options subject to NOI thresholds. The loan will remain interest-only. A lender-controlled cash management account is capturing excess cash flow in an all-purpose reserve. The new borrower allocated $5.0 million to this reserve for tenant improvements, leasing commissions, and capital expenditures, with disbursements subject to lender approval. Any reserve balance exceeding $5.0 million at each quarter-end will be applied to reduce the loan’s principal. As of July 2026, the whole loan has been paid down by $3.3 million and the reserve balance is $1.6 million. The loan was returned to the master servicer in May 2025.
- According to the September 2025 rent roll, lease rollover through YE 2026 represents 30.7% of total base rent across 89 leases, with the largest tenant accounting for 2.3% of total base rent. Additionally, approximately 13.0% of the mall’s in-line tenants are temporary and operate under short-term leases. The servicer reported an occupancy of 93.0% and DSC of 1.42x for FY 2025. An April 2024 appraisal valued the property at $80.0 million ($114 per sf), reflecting a 73.3% decline from the issuance value of $300.0 million ($427 per sf).
- In May 2026, KBRA received a request for a no-downgrade confirmation in connection with the proposed partial release of two outparcels at the property, representing 3.2% of total base rent and 0.9% of collateral square footage. Net sale proceeds are expected to be applied to reduce the loan balance. KBRA issued the rating confirmation on June 16, 2026, concluding that the proposed transaction, in and of itself, would not result in a downgrade, qualification, or withdrawal of the outstanding ratings. The releases had not occurred as of the July 2026 remittance, which reported no principal prepayments during the period. Following the contemplated releases, occupancy is expected to decline to 91.7%.
- As of July 2026, the loan is current on payments and not specially serviced. However, in the event of a default, KBRA estimates that it could experience a loss given default of $110.5 million (59.2% estimated loss severity) on the whole loan balance of $186.7 million, of which $63.9 million is allocated to this trust. The loss is based on a KBRA liquidation value of $76.2 million ($109 per sf) and projected total exposure of $186.7 million. The value is derived from a direct capitalization approach using a KNCF of $9.5 million and a capitalization rate of 12.50%.
Midtown I & II ($100.5 million, 31.9%, K-LOC, Current)
- The loan is collateralized by a 794,110 sf, Class-A single-tenant office complex located in the Midtown neighborhood of Atlanta, just north of the city’s CBD. The 7.3-acre development comprises a 16-story, 498,844 sf office building, an 8-story, 282,009-sf office building, and a 9-story parking garage with 2,459 spaces.
- The loan had an ARD in May 2023 and has a final maturity date in May 2043. The borrower did not repay the loan at the ARD, at which time its IO period ended and the interest rate increased to 6.84% per annum from the initial rate of 3.84%. Interest accrued at the initial rate remains payable monthly, while interest accrued in excess of the initial rate is deferred and becomes due and payable once the outstanding principal balance has been repaid in full. The ARD also triggered a full cash flow sweep, pursuant to which all excess cash flow is applied to reduce the loan’s principal balance. The loan remains current and has paid down by $23.8 million since the ARD. The servicer reported occupancy of 37.0% and a DSC of 1.38x for the YTD March 2026 period.
- In February 2024, AGL Services Company (AGL), executed a lease for 264,300 sf (33.3% of total collateral sf) at 725 West Peachtree (Midtown II), with lease commencement scheduled for August 2026. Including the AGL lease, collateral occupancy is expected to increase to 70.5%.
- The lease was incorporated into KBRA’s analysis during the prior and current reviews; however, the most recent rent roll received by KBRA, dated March 2026, continues to reflect the AGL lease as a future lease and indicates that the property was 36.5% leased. Pursuant to the executed lease, AGL is entitled to six months of base rent abatement following commencement, through January 31, 2027. At this time, KBRA does not estimate a loss on this asset.
301 South College Street ($75.3 million, 24.0%, K-LOC, Specially Serviced, Matured Non-Performing)
- The loan is collateralized by a 988,646 sf office tower located in Charlotte, North Carolina within the city's CBD. The 2.2-acre development consists of a 42-story building that includes 55,097 sf of ground level retail space.
- The loan was transferred to the special servicer in January 2023 and subsequently failed to payoff at its scheduled maturity in May 2023. A court-appointed receiver has been assigned to oversee and stabilize the collateral. The special servicer continues to evaluate all available resolution strategies, including a foreclosure sale. The property previously served as Wells Fargo's East Coast Headquarters where Wells Fargo occupied 686,834 sf of collateral space through December 2021. Since issuance, Wells Fargo has downsized to 200,535 sf of collateral space with a lease scheduled to expire in December 2032. According to the special servicer, SMBC will be subleasing 192,743 sf of the Wells Fargo space under a lease that expires in October 2032. The most recent rent roll indicates the property is 44.9% leased, down from 97.6% at securitization. There is a $6.0 million tenant reserve balance as of July 2026.
- The servicer reported an occupancy of 45.0% and DSC of 0.92x for FY 2025. An appraisal dated January 2026 valued the property at $204.5 million ($207 per sf), which is 18.2% below the $250.0 million ($253 per sf) value at issuance.
- At this time, KBRA does not estimate a loss on this asset.
Mobile Festival Centre ($18.1 million, 5.8%, K-LOC, Specially Serviced, Foreclosure)
- The loan is collateralized by a 380,619 sf, anchored retail center located in Mobile, Alabama, approximately six miles west of the city’s CBD.
- The loan failed to payoff at its scheduled maturity in June 2023. A receiver is in place and has listed the property for sale. Per special servicer, the initial call for offers was to start at the end of June 2026. The loan was deemed non-recoverable in August 2024 and cumulative non-recoverable interest as of July 2026 was $203,911.
- According to the December 2025 rent roll, Academy Sports, which occupies 84,464 sf of collateral space has a lease expiring in August 2026. However, the tenant is expected to exercise its five-year extension option, according to the special servicer. Occupancy has declined to 57.0% from 80.0% at issuance. The servicer reported an occupancy of 57.0% and DSC of 1.27x for FY 2025. An appraisal dated November 2025 valued the property at $20.0 million ($53 per sf), which is 35.0% below the $31.0 million ($81 per sf) value at issuance.
- KBRA's analysis resulted in an estimated loss of $3.1 million (17.3% estimated loss severity). The loss is based on a KBRA liquidation value of $15.2 million ($40 per sf) and projected total exposure of $18.3 million. The value considers a distressed non-stabilized disposition of the asset.
808 Broadway ($12.5 million, 4.0%, K-LOC, Specially Serviced, REO)
- The asset consists of a 24,548 sf, single-tenant retail condominium located in the Greenwich Village neighborhood of New York City's Borough of Manhattan.
- The loan transferred to the special servicer in November 2020 for imminent monetary default following the former single tenant’s bankruptcy filing in April 2020. At issuance, the collateral was entirely leased to World's Most Imaginative Costume Store, a subsidiary of Masquerade, LLC, through January 2024. The property became REO in May 2025 via a foreclosure sale. Colliers, which was the receiver, became the property manager following the foreclosure. The special servicer is evaluating the collateral and assessing a disposition strategy. As of July 2026, cumulative non-recoverable interest was $1.0 million.
- The servicer reported an occupancy of 100% and DSC of -0.34x for FY 2025. An appraisal dated January 2026 valued the property at $10.4 million ($424 per sf), which is 55.6% below the $23.4 million ($953 per sf) value at issuance. As a result, the asset carries an ARA of $5.1 million, resulting in a cumulative ASER of $310,275.
- KBRA's analysis resulted in an estimated loss of $5.5 million (44.1% estimated loss severity). The loss is based on a KBRA liquidation value of $9.5 million ($387 per sf) and projected total exposure of $15.0 million. The value considers a distressed non-stabilized disposition of the asset.
The details of the affirmed ratings are as follows:
- Class A-S at AAA (sf)
- Class B at BBB (sf)
- Class C at BB (sf)
- Class PEX at BB (sf)
- Class D at CC (sf)
- Class E at C (sf)
- Class F at C (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.