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KBRA Affirms All Outstanding Ratings for CGCMT 2016-P6

6 Nov 2025   |   New York

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KBRA affirms all of its outstanding ratings for CGCMT 2016-P6, a $680.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited worsening in pool performance since KBRA's last ratings change in October 2024 including an increase in estimated losses. However, the magnitude of the changes does not warrant ratings adjustments at this time. Additionally, the transaction has benefited from defeasance ($37.0 million, 5.4% of the pool balance) and increased certificate C/E levels, particularly at the top of the capital structure, due to deleveraging from loan payoffs.

As of the October 2025 remittance period, there are eight specially serviced assets (14.3%) in the pool, including two (10.8%) that are in foreclosure. KBRA identified 14 K-LOCs (41.4%), including the specially serviced assets. Of the K-LOCs, two (19.5%) have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 1 8 Times Square & 1460 Broadway MU 75,000 11.0% N C N Tenant Issues 09/07/2023 $27,364 36.5% 2 681 Fifth Avenue MU 57,500 8.5% Y 90+ Y Foreclosure 09/30/2020 $38,511 67.0% 6 Fresno Fashion Fair RT 35,000 5.1% N C N Maturity 09/23/2025 - - 7 Hyatt Regency Jersey City LO 35,000 5.1% N C Y Occupancy 09/03/2024 - - 13 Easton Town Center RT 22,500 3.3% N C Y Maturity 08/20/2025 - - 18 Arbor Ridge Office OF 15,893 2.3% NPM N - - 29 Hilton Garden Inn - Columbus/Polaris LO 10,489 1.5% N C N DSCR 10/24/2022 - - 34 Terrace Point MF 8,277 1.2% Y C N Specially Serviced 10/29/2024 - - 38 Creekside Plaza OF 6,338 0.9% N C N Lease Rollover 08/06/2018 - - 45 Woodland Pointe MF 3,874 0.6% Y C N Specially Serviced 10/29/2024 - - 48 Cove Apartments MF 3,435 0.5% Y C N Specially Serviced 10/29/2024 - - 49 Columbus Gardens MF 3,427 0.5% Y C N Specially Serviced 06/05/2024 - - 52 Central Park East MF 2,649 0.4% Y C N Specially Serviced 10/29/2024 - - 53 Silver Lake Office OF 2,152 0.3% Y C N Specially Serviced 10/29/2024 - - Total K-LOCs $281,532 41.4% $65,875 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 103.2%, compared to 97.4% at KBRA's last ratings change in October 2024 and 102.0% at issuance. The KDSC is 1.63x, compared to 1.71x at KBRA's last ratings change and 1.82x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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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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