KBRA Affirms All Ratings for UBS-BB 2013-C6
9 Apr 2026 | New York
KBRA affirms all of its outstanding ratings for UBS-BB 2013-C6. The conduit transaction has been reduced to two assets and a trust balance of $105.6 million from 71 loans and $1.3 billion at securitization. The affirmations reflect stability in KBRA’s estimated losses for the remaining two assets since KBRA’s last rating changes in April 2024. The two assets are KBRA Loans of Concern (K-LOCs) with total estimated losses of $74.1 million.
As of the March 2026 remittance period, one asset is REO (90.0% of the current pool balance) and one is in foreclosure (10.0%). The loan in foreclosure has been deemed non-recoverable. The details of the assets are outlined below.
Broward Mall ($95.0 million, 90.0%, K-LOC, Specially Serviced, REO)
- The asset is a 325,701 sf portion of a 1.0 million sf super-regional mall located in Plantation, Florida, approximately seven miles west of the Fort Lauderdale CBD. The non-collateral anchor tenants are Macy’s, JCPenney, Dillard’s, and a former Sears space. The Sears parcel was acquired by Midtown Group in December 2024 and remains vacant. The loan sponsor was Westfield America, Inc; however, the asset is currently being managed by Pacific Retail Capital Partners.
- The asset became REO in August 2022. Currently, the asset is not marketed for sale; however, the special servicer remains focused on leasing efforts at the property. As of the November 2025 rent roll, the property was 89.7% leased.
- The asset was appraised for $47.0 million ($148 per sf) in July 2025, a 71.8% decline from $166.8 million ($525 per sf) at issuance. An ARA of $45.6 million was assigned to the loan in September 2025, resulting in a cumulative ASER of $136,952. KBRA's analysis resulted in an estimated loss of $67.0 million on a whole loan balance of $95.0 million (70.5% estimated loss severity). The loss is based on KBRA’s income capitalization value of $29.8 million ($94 per sf) and projected total exposure of $96.7 million. The value is derived from a $4.5 million KNCF and a capitalization rate of 15.00%.
240 Park Avenue South ($10.5 million, 10.0%, K-LOC, Specially Serviced, Foreclosure)
- The loan is collateralized by a 5,550 sf ground-floor retail condominium located in the Midtown South area of Manhattan. The sponsor is Tessler Developments.
- The loan has a foreclosure status with the special servicer after failing to pay-off at its March 2023 maturity date. Colliers was appointed as the receiver in February 2026, and the special servicer expects the loan to become REO by Q2 2026. A non-recoverable determination was made in January 2025. As of March 2026, the cumulative non-recoverable interest totals $559,623. Currently, the property is 25.0% occupied, and the receiver is touring the 4,160 sf of vacant space.
- The loan was appraised for $7.6 million ($1,369 per sf) in January 2026, a 64.7% decline from $21.5 million ($3,874 per sf) at issuance. An ARA of $4.7 million was assigned to the loan in May 2025, resulting in a cumulative ASER of $26,981. KBRA's analysis resulted in an estimated loss of $7.1 million on a whole loan balance of $10.6 million (67.5% estimated loss severity). The loss is based on KBRA’s stabilized income capitalization value of $6.9 million ($1,240 per sf) and projected total exposure of $14.0 million. The value is derived from a $735,704 stabilized KNCF, a capitalization rate of 8.50%, and a downward adjustment of $1.8 million to account for income lost during the stabilization period.
Details concerning the ratings affirmations are as follows:
- Class D at CCC (sf)
- Class E at CC (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.