KBRA Downgrades Four Ratings to D (sf) for MSBAM 2013-C10 Following Realization of Principal Losses
2 Oct 2026 | New York
KBRA downgrades the ratings of the Class E, F, G, and H certificates to D (sf) for MSBAM 2013-C10, a $153.1 million CMBS conduit transaction, following realized losses incurred from the resolution of the Westfield Citrus Park asset ($121.4 million trust balance at disposition) as reflected in the September 2026 remittance report.
The Westfield Citrus Park loan was collateralized by a 506,922 sf portion of a 1.1 million sf regional mall located in Tampa, Florida, approximately 15 miles northwest of the city’s CBD. The loan transferred to special servicing in July 2020 due to imminent default. In April 2022, there was a receiver sale and the loan was assumed and modified. The modification included the new borrower bringing the loan current and a five-year extension through June 2028. The new borrower, Hull Property Group, assumed the whole loan and paid interest-only debt service based on the entire debt, however, repayment upon a disposition was subject to a modified waterfall. At disposition, the first $6.0 million was to be distributed to the borrower, the subsequent $45.0 million was to be distributed to the lender, and any remaining proceeds would be split 50/50 between the borrower and the trust. The loan was returned to the master servicer in June 2022. The loan paid off in September 2026 with proceeds to the trust totaling $46.9 million.
Following the resolution of this loan, the balances of the non-rated class J certificates as well as the balances of the H, G and F certificates were reduced to zero, while the principal balance of class E was reduced to $8.5 million, or 38.0% of its original certificate balance.
KBRA's other outstanding ratings for the transaction are unchanged at this time.
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.
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