KBRA Assigns Preliminary Ratings to COMM 2025-167G

KBRA announces the assignment of preliminary ratings to eight classes of COMM 2025-167G, a CMBS single-borrower securitization. The collateral for the transaction is a $247.0 million fixed rate, interest-only first lien mortgage loan. The fixed-rate loan has a five-year term and requires monthly interest-only payments based on an assumed interest rate of 6.70%. The loan is secured by the borrower’s fee simple interest in 167 North Green Street, a 17-story, Class-A, LEED Gold office tower containing 638,794 sf. The building is located in the Fulton Market neighborhood of downtown Chicago. The property was developed in 2021 by the sponsors and as of June 2025, the property was 91.9% leased to 18 unique tenants. The five largest tenants by base rent consist of CCC Information Services (23.2% of total base rent), MoLo Solutions (16.1%), WeWork (14.4%), Builders Vision (8.3%), and Kroll (Duff & Phelps) (7.8%). Together, these top five tenants account for 69.8% of total base rent and 65.7% 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, its Methodology for Rating Interest-Only Certificates in CMBS Transactions, 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 $21.9 million, which is 13.3% below the issuer’s NCF, and a KBRA value of $245.4 million, which is 32.6% below the appraiser’s value. The resulting in-trust KBRA Loan to Value (KLTV) is 100.7%. 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.

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Methodologies