Press Release|CMBS
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KBRA Affirms All Ratings for BPR 2023-BRK2

2 Oct 2025   |   New York

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KBRA affirms its outstanding ratings for BRP 2023-BRK2, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an improvement in collateral performance since securitization. However, the magnitude of the change does not warrant ratings adjustments at this time.

The transaction’s collateral is a non-recourse, first-lien mortgage loan with an outstanding balance of $700.0 million as of the September 2025 remittance. The fixed-rate, interest-only loan has a five-year term and is collateralized by 1.9 million sf of Oakbrook Center, a 2.3 million sf open-air super-regional mall in Oakbrook, Illinois. The collateral also includes 264,157 sf of office space, as well as the leased fee interest in Le Meridien hotel. The loan sponsor is a joint venture between Brookfield and Institutional Mall Investors LLC (IMI), a co-investment platform majority owned by California Public Employees' Retirement System (CalPERS).

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $81.1 million and a KBRA value of $1.08 billion ($484 per sf). The resulting in-trust KLTV is 64.8%, compared to 68.7% at last review and 72.3% at securitization. KBRA maintains a KPO of Perform on the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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