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KBRA Affirms All Ratings for WFRBS 2014-C24

12 Dec 2025   |   New York

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KBRA affirms all of its outstanding ratings for WFRBS 2014-C24, a $17.9 million CMBS conduit transaction. The securitization has one asset remaining in the underlying mortgage pool, which has been identified as a K-LOC. The affirmations follow a surveillance review of the transaction and are based on the performance and recovery analysis of the loan, which has not meaningfully changed since KBRA's last review in December 2024.

As of the November 2025 remittance period, Gateway Center is specially serviced and has an estimated loss. The details are below:

Greenwich Center (Specially Serviced, K-LOC, Underperform)

  • The loan is collateralized by a 182,583 sf shadowed-anchored retail center located in Phillipsburg, New Jersey, approximately 25 miles east of Allentown, Pennsylvania. Phase I of the center is shadow-anchored by a 125,471 sf Target and Phase II is shadow-anchored by a 165,000 sf Lowe's.
  • KBRA maintains the loan's K-LOC designation and KPO of Underperform based on its specially serviced status and maturity concerns. The loan transferred to the special servicer in October 2024 after its failure to pay off at maturity in the same month. A forbearance agreement was executed with an effective date in April 2025, which extended maturity to February 2026. Under the terms of the forbearance agreement, the lender temporarily refrains from foreclosure and the appointment of a receiver; however, the borrower has agreed to a consensual receivership order should an event of default arise during the forbearance period. Additionally, the subject's former largest tenant, Big Lots (15.6% of total base rent, 18.0% of collateral sf) vacated the property in November 2024 following the retailer's chapter 11 bankruptcy filing in September 2024. According to the servicer's March 2025 rent roll, occupancy was 82.0% and leases comprising 21.3% of total base rents and 15.0% of collateral sf were scheduled to expire through FY 2026.
  • The servicer-reported occupancies and DSCs are: 82.0% / 1.01x (YTD March 2025), 82.0% / 1.13x (FY 2024); at closing these were 93.2% / 1.41x. An appraisal dated August 2025 valued the property at $20.2 million ($111 per sf), which is 25.2% below the $27.0 million ($148 per sf) appraisal value at issuance. KBRA’s analysis resulted in an estimated loss of $5.6 million (31.3% estimated loss severity) on the outstanding loan balance of $17.9 million. The loss is based on a KBRA liquidation value of $13.2 million ($72 per sf), which is derived from a direct capitalization approach using a KNCF of $1.0 million and a capitalization rate of 7.50%.

Details concerning the ratings affirmations are as follows:

  • Class D at D (sf)
  • Class E at D (sf)
  • Class F at D (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.

Related Publication

Methodologies

Disclosures

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.

Doc ID: 1012630