KBRA Places Seven Ratings for CGCMT 2015-GC31 on Watch Downgrade

KBRA places the ratings of seven classes of certificates for CGCMT 2015-GC31, a CMBS conduit transaction, on Watch Downgrade (DN). The Watch placements are based on an increase in interest shortfalls and non-recoverable interest from the largest asset in the pool, 135 South LaSalle Street (44.4% of the pool balance). Currently, interest shortfalls are affecting up to and including the Class A-S certificates. KBRA considered the likelihood of interest shortfalls continuing during the resolution of the specially serviced assets.

As of the November 2025 remittance period, five assets remain in the pool, all of which have been identified as K-LOCs. The largest loan, 135 South LaSalle Street, is 90+ days delinquent and with the special servicer. The special servicer and borrower are discussing a loan modification after office-to-residential conversion plans were approved by the City of Chicago in September 2025. The asset was deemed non-recoverable in April 2024. The remaining four loans (55.6%) are specially serviced, of which three (53.3%) are non-performing and failed to pay off at maturity and one asset (2.3%) is in foreclosure.

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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