KBRA Affirms All Ratings for MAD 2015-11MD
27 Jun 2025 | New York
KBRA affirms all of its outstanding ratings for MAD 2015-11MD, a CMBS single borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in property performance since last review and issuance. However, the magnitude of the change in performance does not warrant rating adjustments at this time. The ratings affirmations reflect the asset’s quality and location, the sponsor’s experience owning high-quality office properties, and the limited lease rollover exposure through maturity and beyond.
The transaction collateral is a single, non-recourse, first lien mortgage loan secured by the borrower’s fee simple and leasehold interests in 11 Madison Avenue, a 2.4 million square foot, Class-A office building in Manhattan. The trust collateral consists of nine senior A notes totaling $397.5 million and three subordinate B notes totaling $310.7 million. The remaining portion of the whole mortgage loan, which is not trust collateral, consists of seven senior A notes totaling $366.8 million. The whole loan has an outstanding principal balance of $1.1 billion ($454 per sf) as of June 2025, of which $708.2 million ($299 per sf) is trust collateral. In addition to the first mortgage loan, the financing for the property includes $325.0 million of mezzanine debt held outside the trust. The loan’s sponsor is SL Green Realty Corporation (NYSE: SLG).
The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $98.2 million and a KBRA value of $1.3 billion ($553 per sf). The resulting in-trust KLTV is 82.1% compared to 71.3% at last review and 72.2% at securitization. KBRA maintains a KPO of Perform on the loan.
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