Press Release|CMBS
View PDF

KBRA Affirms All Ratings for COMM 2015-CCRE26

4 Sep 2026   |   New York

Contacts

KBRA affirms all outstanding ratings for COMM 2015-CCRE26, a CMBS conduit transaction. The transaction has been reduced to eight loans, two of which are cross-collateralized and cross-defaulted, and a balance of $229.5 million from 59 loans and $1.1 billion at issuance. The affirmations reflect a decrease in our estimated losses since last review; however, the magnitude of the change does not warrant ratings adjustments at this time. Of the eight remaining assets, all are K-LOCs (100%) including five specially serviced assets (29.4%). Of the specially serviced assets, one (2.3%) is REO, two (21.8%) are in foreclosure, and one (4.0%) is matured non-performing. The three remaining K-LOCs (70.6%) are scheduled to mature between August 2027 and January 2028 following modifications that extended the maturity dates of these loans. Six K-LOCs (93.7%) have estimated losses. The details of the K-LOCs are outlined below.

Prudential Plaza ($106.8 million, 46.8%, K-LOC, Current)

  • The loan is collateralized by two adjoining Class-A office towers containing 2.3 million sf, located in the East Loop submarket of the Chicago CBD. One Prudential Plaza is a 41-story building with 1.3 million sf that was originally constructed in 1955, while Two Prudential Plaza is a 64-story building with 1.0 million sf that was constructed in 1990.
  • A loan modification was executed in December 2023, which extended the loan term by two years through August 2027 with the option to exercise an additional two-year extension. The loan also converted to interest-only payments throughout the remainder of the loan term. According to the December 2025 rent roll, inclusive of additional updates, the subject property was 64.3% leased, compared to 74.3% at last review and 79.7% at closing. SMS Assist, LLC (2nd largest tenant, 5.7% of total base rent) exercised their early termination option effective February 2026.
  • The servicer reported an occupancy and DSC of 68.0% and 2.06x for FY 2025. As of August 2026, the loan is current on payments and not specially serviced. However, in the event of default, KBRA estimates that the loan could experience a loss given default of $31.7 million (8.2% estimated loss severity) on the whole loan balance of $385.5 million, of which $8.8 million of the estimated loss is allocated to this trust. The estimated loss is based on a KBRA liquidation value of $353.8 million ($158 per sf) and projected total exposure of $385.5 million. The liquidation value is derived from a direct capitalization approach using KNCF of $32.7 million and a capitalization rate of 9.25%.

Hotel Lucia and Hotel Max (Crossed) ($54.4 million, 23.9%, K-LOC, Current, Watchlist)

  • The loan is collateralized by two cross-collateralized, cross-defaulted lodging assets. The loans were cross-collateralized, cross-defaulted in July 2021 as part of a COVID-19 forbearance and modification agreement. Hotel Lucia is a nine-story, 127-key, full-service hotel located in Portland, Oregon, within the city’s CBD. Hotel Max is an 11-story, 163-key, full-service hotel located in Seattle, Washington, approximately eight blocks north of the city’s CBD.
  • The loan transferred to the special servicer in August 2025 for monetary default as the borrower failed to repay the loan at maturity. The crossed-collateralized cross-defaulted group has reported weak operating performance since YTD September 2020, with lower revenues and higher operating expenses combining to erode NCF below breakeven. The maturity date for the loan group has since been extended through January 2028, with one one-year extension option through January 2029 available.
  • The servicer reported an occupancy and DSC of 67.3% and 0.54x for the TTM ended June 2025. Updated appraisals dated September 2025 valued Hotel Lucia at $11.5 million ($90,551 per key), which represents a 66.6% decline from the April 2021 appraisal value of $34.4 million ($270,866 per key), and Hotel Max was valued at $40.0 million ($245,399 per key). This represents a 21.3% decline from the Mach 2021 appraisal value of $50.8 million ($311,656 per key).
  • As of August 2026, the loan is current on payments and not specially serviced. However, in the event of a default, KBRA estimates that it could experience a loss given default of $17.4 million (32.0% estimated loss severity) on the whole loan balance of $59.3 million, of which $8.7 million is allocated to the trust. The estimated loss given default is based on a KBRA liquidation value of $41.9 million ($144,483 per key) and projected total exposure of $59.3 million. The value considers a distressed non-stabilized disposition of the asset.

Rosetree Corporate Center ($38.5 million, 16.9%, K-LOC, Specially Serviced, Foreclosure)

  • The loan is collateralized by a 268,156 sf, Class-A suburban office complex located in Media, Pennsylvania, approximately 15 miles west of the Philadelphia CBD. The development is comprised of two buildings, one with four stories and one with six stories that feature conference facilities, a fitness center, a 24/7 automated food kiosk and on-site management.
  • The loan transferred to the special servicer in June 2025 for imminent maturity default. The borrower failed to repay the loan by its September 2025 maturity date. The special servicer has filed for foreclosure and receivership, and a receiver was granted in February 2026. The asset has struggled with declining occupancy since 2019.
  • The servicer reported an occupancy and DSC of 72.0% and 0.94x for the YTD ended March 2025. An updated appraisal dated February 2026 valued the property at $37.6 million ($140 per sf), which is 38.9% below the $61.5 million ($229 per sf) appraised value at issuance. As a result, the asset carries an ARA of $5.5 million which was assigned in August 2026, resulting in a cumulative ASER of $107,282 for the trust as of August 2026. 
  • KBRA's analysis resulted in an estimated loss of $9.0 million (23.3% estimated loss severity) on the whole loan balance of $38.5 million. The estimated loss is based on a KBRA liquidation value of $32.8 million ($122 per sf) and projected total exposure of $41.8 million. The value is derived from a direct capitalization approach using KNCF of $3.0 million and a capitalization rate of 9.25%.

Halekuai Center ($9.1 million, 4.0%, K-LOC, Specially Serviced, Non Performing Matured)

  • The loan is secured by the borrower’s leasehold interest in Halekuai Center, a 28,885 sf, shadow-anchored retail property located in Kapolei, within the City and County of Honolulu, Hawaii. The center was built in 2001 and is subject to a ground lease with an expiration date of July 2057. The collateral includes 358 surface parking spaces.
  • The borrower failed to repay the outstanding balance of this loan at maturity in August 2025, and the loan transferred to special servicing the same month. A receiver was appointed in October 2025, and a new appraisal was finalized in January 2026. The special servicer plans on including the subject in a receiver sale in late 2026 or early 2027.
  • The servicer reported an occupancy and DSC of 83.0% and 1.24x for the YTD ended March 2025. An updated appraisal dated October 2025 valued the property at $8.2 million ($284 per sf), which is 43.4% below the $14.5 million ($502 per sf) appraised value at issuance. As a result, the asset carries an ARA of $2.3 million which was assigned in August 2026, resulting in a cumulative ASER of $37,777 for the trust as of August 2026. 
  • KBRA's analysis resulted in an estimated loss of $2.4 million (36.4% estimated loss severity) on the whole loan balance of $9.1 million. The estimated loss is based on a KBRA liquidation value of $8.0 million ($277 per sf) and projected total exposure of $10.4 million. The value considers a distressed non-stabilized disposition of the asset.

CVS - Carmel, IN ($5.2 million, 2.3%, K-LOC, Specially Serviced, REO)

  • The REO asset is a 13,153 sf single-tenant retail property located in Carmel, Indiana, approximately five miles west of Downtown Carmel, and about ten miles north of the Indianapolis CBD.
  • The asset transferred to the special servicer in June 2025 for maturity default. The borrower and special servicer were unable to reach terms for a resolution and the trust took possession of the asset in April 2026 following a March 2026 auction. The sole tenant CVS continues to lease the subject with a scheduled lease expiration in January 2033.
  • The servicer reported an occupancy and DSC of 100% and 1.25x for the FY December 2018. An updated appraisal dated February 2026 valued the property at $4.7 million ($360 per sf), which is 43.2% below the $8.4 million ($635 per sf) appraised value at issuance. As a result, the asset carries an ARA of $1.0 million which was assigned in August 2026, resulting in a cumulative ASER of $30,088 for the trust as of August 2026.
  • KBRA's analysis resulted in an estimated loss of $1.8 million (34.0% estimated loss severity) on the whole loan balance of $5.2 million. The estimated loss is based on a KBRA liquidation value of $4.0 million ($304 per sf) and projected total exposure of $5.8 million. The value considers a distressed non-stabilized disposition of the asset.

The remaining K-LOCs, include Hilton Garden Inn El Paso ($11.5 million, 5.0%) and Rite Aid Ranson ($2.8 million, 1.2%).

  • Hilton Garden Inn El Paso is in the pool past its August 2025 maturity date and the special servicer is pursuing foreclosure. A prospective sale fell apart as the ground lessor would not engage in conversations for a ground lease extension which currently is scheduled to end in 2054 with two 10-year extension options remaining. KBRA does not estimate a loss for this asset.
  • Rite Aid Ranson is specially serviced and matured performing following its August 2025 maturity date, however, a loan modification was executed in January 2026, extending the loans maturity date to August 2027. KBRA does not estimate a loss for this asset.

Details concerning the rating affirmations are as follow:

  • Class B at AA (sf)
  • Class C at A (sf)
  • Class D at BBB- (sf)
  • Class E at B (sf)
  • Class F at CCC (sf)
  • Class G at CC (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.

Related Publications

Methodologies

Disclosures

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.

Doc ID: 1016765