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KBRA Affirms All Ratings for WFCM 2015-NXS2

13 Aug 2025   |   New York

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KBRA affirms all outstanding ratings of WFCM 2015-NXS2, a $248.8 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has incurred realized losses since KBRA’s last rating change in August 2024 from the December 2024 resolution of the specially serviced Colman Building loan. The realized loss from Colman Building was in line with KBRA’s estimated loss for the loan. Additionally, the transaction exhibited a slight increase in estimated losses compared to KBRA’s last rating change; however, the magnitude of the changes does note warrant ratings adjustments at this time.

As of the July 2025 remittance period, there are eight (68.3%) specially serviced assets, including two (9.4%) that are in foreclosure and one asset (5.7%) that is REO. KBRA identified 11 loans (94.6%) as K-LOCs, including the specially serviced assets. Of the 11 K-LOCs, five (55.3%) have estimated losses. The K-LOCs are displayed in the table below.

K-LOCs Loss Given Default (000s) Loss Severity 2 Campbell Technology Park OF $60,000 24.1% Y C N Matured-Performing 09/13/2022 $42,180 70.3% 4 100 West 57th Street MU $45,000 18.1% N C N Tenant Issues 02/26/2025 - - 6 Sea Harbor Office Center OF $40,000 16.1% Y C N Matured-Performing 03/07/2019 $28,343 70.9% 12 Hampton Inn Philadelphia Airport LO $14,537 5.8% Y NP N DSCR 07/09/2024 - - 18 70 Broad Street MU $14,111 5.7% Y REO N REO 04/16/2020 $5,595 39.7% 21 Interbay Worklofts OF $13,000 5.2% Y FCL N Foreclosure 03/12/2023 $6,443 49.6% 19 Creekside Inn LO $12,027 4.8% N NP N Non-Performing Maturity Balloon 03/12/2025 - - 26 Museum Parc Retail/Office RT $10,940 4.4% Y NP N Non-Performing Maturity Balloon 10/09/2022 - - 22 1200 Madison Avenue OF $10,439 4.2% Y FCL N Foreclosure 01/09/2019 $5,289 50.7% 32 The Lenox MF $8,329 3.3% N NP N Non-Performing Maturity Balloon 04/10/2023 - - 36 Comfort Inn The Park Hershey LO $6,960 2.8% Y NP N Non-Performing Maturity Balloon 04/28/2020 - - Total K-LOCs $235,343 94.6% $87,850 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 106.2%, compared to 102.9% at KBRA's last rating change in August 2024 and 107.4% at issuance. The KDSC is 1.46x, compared to 1.57x at KBRA's last rating change and 1.75x at issuance.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

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