KBRA Affirms All Ratings for WFCM 2015-C29
2 May 2025 | New York
KBRA affirms all of its outstanding ratings for WFCM 2015-C29, a $652.9 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with last review. The ratings actions also consider the transaction deleveraging from loan payoffs, amortization, and defeasance.
As of the April 2025 remittance period, there are two specially serviced assets (5.8% of the pool balance), of which one (0.7%) is in foreclosure and one (5.2%) is matured non-performing. KBRA identified 14 K-LOCs (30.4%), including the specially serviced assets.
The K-LOCs include six top 10 loans (23.3%):
- 150 Royall Street (3rd largest, 5.3% of the pool balance, 31.3% estimated loss severity)
- Cathedral Place (4th largest, 5.2%, 10.7%)
- Olmsted Plaza Shopping Center (6th largest, 3.6%, 23.8%)
- Hall Office Park (8th largest, 3.2%, 28.7%)
- Parkway Crossing East Shopping Center (9th largest, 3.2%)
- Dulles North Corporate Parks (10th largest, 2.8%, 12.9%)
Three other K-LOCs have estimated losses:
- Rock Hill Hampton Inn (2.0%, 5.6%)
- Walgreens - Richmond Heights (0.7%, 25.1%)
- Lakewood Place Shopping Center (0.4%, 26.0%)
The remaining five K-LOCs represent 4.1% of the pool balance and do not have estimated losses.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 85.3%, compared to 93.4% at last review and 101.8% at issuance. The KDSC is 1.86x, compared to 1.96x at last review and 1.88x at issuance.
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