KBRA Affirms All Ratings for MSBAM 2015-C25
14 Aug 2026 | New York
KBRA affirms all of its outstanding ratings for MSBAM 2015-C25, a CMBS conduit transaction. The transaction has been reduced to one loan, 261 Fifth Avenue, with a balance of $110.0 million, from 56 loans totaling $1.2 billion at securitization. The rating actions are based on our identification of the remaining loan as a KBRA Loan of Concern (K-LOC), our estimated principal recoveries, realized losses totaling $1.9 million, and cumulative interest shortfalls of $264,488 affecting the class G certificates.
As of the July 2026 remittance period, the 261 Fifth Avenue loan is specially serviced and has a matured performing status. Additional details are outlined below.
261 Fifth Avenue
- The loan is collateralized by a 441,992 sf, Class-B office building located in the Midtown South area of New York City’s borough of Manhattan.
- The loan transferred to the special servicer in September 2025 after failing to pay off at its scheduled maturity date. The TTM September 2025 servicer NCF was $14.3 million, which represents a 17.1% increase from the issuer's underwritten expectations at securitization. Pursuant to the June 2025 rent roll, the asset was 83.8% leased, which compares to 84.8% at last review and 99.7% at closing. Lease rollover through YE 2027, inclusive of MTM leases, represents 13.9% of base rent across 20 leases. The lender and borrower entered into a forbearance agreement in September 2025. Additional special servicer commentary indicated that the lender and borrower were in discussions regarding a potential loan extension, which would extend the loan's maturity date to September 2026, with an additional one-year extension through September 2027, subject to a variety of performance thresholds. The loan is currently performing under the forbearance agreement. The loan has a reserve account totaling $15.2 million as of July 2026.
- The servicer reported an occupancy and DSC of 81.0% and 1.77x for the TTM ended September 2025. An updated appraisal dated October 2025, valued the asset at $209.0 million ($473 per sf), which is 30.3% below the $300.0 million ($679 per sf) appraised value at issuance. At this time, KBRA does not estimate a loss on this asset, which has a whole loan balance of $180.0 million.
Details concerning the rating affirmations are as follows:
- Class D at BBB- (sf)
- Class E at BB- (sf)
- Class F at B- (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.