Press Release|CMBS
View PDF

KBRA Affirms All Outstanding Ratings for WFCM 2015-NXS3

12 Sep 2025   |   New York

Contacts

KBRA affirms all of its outstanding ratings for WFCM 2015-NXS3, a $328.7 million conduit transaction. The rating actions follow a review of the transaction, which has exhibited stable pool performance since KBRA’s last ratings change in September 2024. Since last review, one specially serviced asset, 722 12th Street NW, was liquidated in August 2025 via discounted payoff, resulting in an increase in realized losses. However, the transaction continues to benefit from deleveraging from loan payoffs, amortization, and defeasance, as well as the positive maturity profiles of most of the remaining loans, all of which are scheduled to mature in the succeeding three months.

As of the August 2025 remittance period, there are two (2.2% of the pool balance) specially serviced loans, one (1.7%) of which is over 90 days delinquent. KBRA identified five loans (15.5%) as K-LOCs, including the specially serviced assets. Of the five K-LOCs, three (5.0%) have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 7 Hacienda Center RT 30,530 9.3% N PM N Matured Performing 08/15/2025 - - 21 100 East Walton MU 9,250 2.8% N NPM N Occupancy 09/21/2022 $5,177 56.0% 29 Chagrin Plaza Beachwood OF 5,593 1.7% Y 90+ N Delinquent 11/06/2023 $2,033 36.3% 40 Vista La Jolla OF 3,767 1.1% N C N Occupancy 09/27/2018 - - 48 USCBP 10 Airport Road Shelby OF 1,753 0.5% Y NPM N Tenant Issues 01/22/2025 $841 48.0% Total K-LOCs $50,894 15.5% $8,051 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 82.0%, which is lower than 87.2% at KBRA’s last ratings change in September 2024 and 100.2% at issuance. The KDSC is 2.59x, compared to 2.27x at KBRA’s last ratings change and 2.00x at issuance.

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: 1011256