Press Release|CMBS
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KBRA Affirms All Ratings for BAMLL 2014-520M

24 Jul 2025   |   New York

Contacts

KBRA affirms all outstanding ratings for BAMLL 2014-520M, a CMBS SASB transaction. The rating actions follow a surveillance review of the transaction which has exhibited performance generally in line with KBRA’s last ratings change in July 2024. KBRA also considered the strong quality of the asset and the experience of the sponsor.

The transaction collateral is a non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in a 1.0 million sf, Class-A office building. The property is located at 520 Madison Avenue in the Plaza submarket of New York City’s Manhattan borough. The loan has an outstanding balance of $675.0 million ($653 per sf) as of July 2025. The loan’s sponsor is 520 Madison Limited Partnership, an entity controlled by Tishman Speyer.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $50.0 million and a KBRA value of $689.4 million ($666 per sf). The resulting in-trust KLTV is 97.9%, a change from 96.8% at last review and 69.2% at securitization. As a result of the decline in performance since issuance, KBRA maintains the loan’s KPO of Underperform.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

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: 1010529