Press Release|CMBS
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KBRA Assigns Preliminary Ratings to NYC 2025-28L

22 Oct 2025   |   New York

Contacts

KBRA announces the assignment of preliminary ratings to eight classes of NYC 2025-28L, a CMBS single-borrower securitization. The collateral for the transaction will be a $900.0 million fixed rate, interest-only mortgage loan. The loan is expected to have a three-year term and will require monthly interest-only payments based on an assumed interest rate of 6.00%. The loan will be secured by the borrower’s fee simple interest in 28 Liberty, a 60-story, Class-A, office tower containing 2.1 million sf that is located in the Financial District of New York City. The property was developed in 1961 and acquired by the sponsors in 2013 and as of October 2025, the property was 91.7% leased to 41 unique tenants. The five largest tenants by base rent consist of The People of the State of New York (Attorney General) (18.6% of total base rent), AIG Employee Services, Inc. (9.9%), Stripe, Inc. (7.7%), London Stock Exchange Group (6.2%), and CT Corporation System (6.1%). Together, these top five tenants account for 48.4% of total base rent and 43.7% of the total sf.

KBRA’s analysis of the transaction included a detailed evaluation of the property’s cash flows using our North American CMBS Property Evaluation Methodology and the application of our North American CMBS Single Borrower & Large Loan Rating Methodology. In addition, KBRA also relied on its Global Structured Finance Counterparty Methodology for assessing counterparty risk in this transaction and its ESG Global Rating Methodology, to the extent deemed applicable.

The results of our analysis yielded a KBRA net cash flow (KNCF) for the subject of approximately $72.0 million, which is 16.9% below the issuer’s NCF, and a KBRA value of $864.3 million, which is 36.0% below the appraiser’s value. The resulting in-trust KBRA Loan to Value (KLTV) is 104.1%. In our analysis of the transaction, we also reviewed and considered third party engineering, environmental, and appraisal reports, the results of our site inspection of the property, and legal documentation review.

To access ratings and relevant documents, click here.

Click here to view the report.

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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