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KBRA Affirms All Ratings for NJ 2023-GSP

12 Dec 2025   |   New York

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KBRA affirms its outstanding ratings for NJ 2023-GSP, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited performance generally in line with securitization.

The transaction collateral consists of a first lien mortgage loan secured by the borrower’s fee simple interest in 1.2 million sf of the Westfield Garden State Plaza, a 2.1 million sf super-regional mall located in Paramus, New Jersey, approximately 12 miles northwest of Midtown Manhattan. The property is subject to a condominium regime consisting of three units with the collateral for the whole loan represented by units 1 and 2, comprising 82.0% of the common element interests of the condominium.

The loan has an outstanding principal balance of $525.0 million ($428 per sf) as of December 2025. The whole mortgage loan is represented by 10 componentized pari passu A notes, three of which, totaling $425.0 million ($347 per sf), are trust collateral. Unless otherwise specified, all references to the mortgage loan in this report refer to the whole mortgage loan. The sponsors of the borrower are affiliates of Unibail-Rodamco-Westfield (Westfield) along with Aldwych, L.P. and Old Kingsway, L.P., two affiliates of The Prudential Assurance Company Limited (PACL). Westfield has streamlined its US asset portfolio in recent years but includes Garden State Plaza among the US flagship assets which it intends to maintain.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $88.4 million and a KBRA value of $1.2 billion ($945 per sf). The resulting KLTV is 45.3%, a change from 43.6% at last review and 43.1% at securitization. KBRA maintains a KPO of Perform for 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.

Doc ID: 1012718