KBRA Assigns Ratings to Benchmark 2025-V15
12 Jun 2025 | New York
KBRA is pleased to announce the assignment of ratings to 14 classes of Benchmark 2025-V15, a $733.2 million CMBS conduit transaction collateralized by 29 commercial mortgage loans secured by 44 properties.
The collateral properties are located throughout 18 MSAs, of which the three largest are New York (27.7%), Detroit (10.4%), and Long Island (8.5%). The pool has exposure to all major property types, with four types representing more than 10.0% of the pool balance: office (25.9%), lodging (24.9%), retail (18.9%), and multifamily (17.7%). The loans have principal balances ranging from $4.0 million to $65.0 million for the largest loan in the pool, 931 Carroll Street (8.9%), which is a 214-unit high-rise multifamily complex located in the Prospect Lefferts Garden neighborhood of New York City’s borough of Brooklyn. The five largest loans, which also include Bay Harbour (8.5%), 1700 Pavilion (7.5%), Compass Self Storage National Portfolio (7.0%), and Radius Nashville (6.5%), represent 38.3% of the initial pool balance, while the top 10 loans represent 62.9%.
KBRA’s analysis of the transaction incorporated our multi-borrower rating process that begins with our analysts' evaluation of the underlying collateral properties' financial and operating performance, which determine KBRA’s estimate of sustainable net cash flow (KNCF) and KBRA value using our North American CMBS Property Evaluation Methodology. On an aggregate basis, KNCF was 12.6% less than the issuer cash flow. KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 36.8% less than third party appraisal values. The pool has an in-trust KLTV of 91.1% and an all-in KLTV of 94.0%. The model deploys rent and occupancy stresses, probability of default regressions, and loss given default calculations to determine losses for each collateral loan that are then used to assign our credit ratings.
To access ratings and relevant documents, click here.
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