Press Release|CMBS
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KBRA Affirms All Ratings for HGMT 2025-HGLR

12 Feb 2026   |   New York

Contacts

KBRA affirms its outstanding ratings for HGMT 2025-HGLR, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

The collateral for the transaction is a non-recourse, first lien mortgage loan secured by the borrower’s fee simple interests in Houston Galleria, a 2.0 million sf super-regional mall located in the Uptown Houston district of Houston, Texas, eight miles west of the city’s CBD. Of the total square footage, 1.6 million sf serves as collateral for the subject loan. The Houston Galleria is part of a larger complex that includes the mall, three non-collateral office buildings, and two non-collateral Westin hotels. The transaction’s principal balance is $1.2 billion as of the February 2026 remittance period. The fixed-rate, interest-only loan has a term of 10 years with a maturity date in February 2035. The non-recourse carveout guarantor is Simon Property Group, L.P., an affiliate of Simon Property Group Inc. (SPG). The loan is sponsored by a joint venture between Simon Property Group, L.P. and Institutional Mall Investors LLC (IMI).

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $123.8 million and a KBRA value of $1.7 billion ($1,093 per sf). The resulting in-trust KLTV is 70.3%, compared to 68.3% at securitization. KBRA assigned a KPO of Perform to the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

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.

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