KBRA Affirms All Ratings for GSMS 2013-GC13
1 May 2026 | New York
KBRA affirms all outstanding ratings for GSMS 2013-GC13. The CMBS transaction has been reduced to four loans with a balance of $309.8 million from 67 loans and $1.3 billion at securitization. The affirmations reflect stability in KBRA’s estimated losses for the four loans since KBRA's last rating action in May 2025. Our estimated losses total $117.9 and, if realized, would reduce the principal balances of Classes E, F and G to zero and the balance of Class D by about 45%. Recoveries on the remaining loans total $191.9 million and are expected to fully repay the principal balances of Classes A-S, B and C and more than 50% of Class D.
As of the April 2026 remittance, all four loans maintain their K-LOC designation, three of which are current (75.0% of the pool balance). Two loans (55.7%) are specially serviced, of which one (25.0%) is non-performing matured. The details of these assets are outlined below.
Mall St. Matthews ($95.0 million, 30.7% of the pool balance, K-LOC, Specially Serviced, Current)
- The loan is collateralized by 670,376 sf of a 1.0 million sf, single-level regional mall located in Louisville, Kentucky, approximately seven miles east of the city’s CBD. The property, which is owned and operated by Brookfield Property Partners, has three anchors, Dillard’s, Dillard’s Men’s & Home, and JCPenney. Dillard’s owns its stores and the underlying land and JCPenney owns its improvements subject to a ground lease with the sponsor.
- The loan originally transferred to the special servicer during the June 2020 remittance due to maturity default. A loan modification was executed in March 2022 converting the loan to interest-only and extending its maturity until June 2025. Following the loan's default at its extended maturity in June 2025, the borrower was granted a 30-day forbearance but the loan became delinquent in July. As of April 2026, the loan is current and the lender and borrower are finalizing legal documents for another modification.
- According to the September 2025 rent roll, the subject property was 90.6% leased compared to 93.7% at last review and 95.8% at closing. Tenant rollover risk remains a concern as lease rollover exceeds 10.0% of base rent in MTM/2026 (32.1%), 2027 (12.0%), and 2028 (17.4%). The servicer-reported occupancy and DSC are 93.0% and 1.43x for the FY 2025. An appraisal dated September 2025 valued the asset at $93.0 million ($139 per sf), which is 66.8% below the $280.0 million ($418 per sf) value at issuance. As a result, the asset carries an aggregate ARA of $34.3 million on the whole loan balance, of which $26.9 million is attributable to the GSMS 2013-GC13 securitization. The ARA for this transaction resulted in a cumulative ASER of $63,080.
- KBRA's analysis resulted in an estimated loss of $53.3 million on a whole loan balance of $120.7 million (44.2% estimated loss severity). The loss is based on a KBRA liquidation value of $67.4 million ($101 per sf) and projected total exposure of $120.7 million. The value is derived from a direct capitalization approach using a KNCF of $10.1 million and a capitalization rate of 15.00%.
Plaza America Towers III & IV ($77.3 million, 25.0%, K-LOC, Specially Serviced, Non-Performing Matured Balloon)
- The loan is collateralized by two Class-A office towers totaling 469,071 sf that are located in Reston, Virginia, approximately 20 miles northwest of Washington, DC.
- The loan failed to pay off at its July 2023 maturity. An extension was executed for both the senior and non-trust mezzanine debt until July 2025 with two one-year extension options. The loan transferred to the special servicer in July 2025, and the lender is dual tracking foreclosure while discussing workout alternatives. According to the September 2025 rent roll, the subject property was 37.4% occupied, down from 64.3% at last review and 94.6% at closing. Tenant rollover risk remains a concern as tenants representing 35.2% of base rent are scheduled to expire by YE 2027.
- The servicer-reported occupancy and DSC are 37.0% and 1.17x for the nine months ending September 2025. An appraisal dated June 2023 valued the asset at $80.0 million ($171 per sf), which is 52.1% below the $167.0 million ($356 per sf) value at issuance. As a result, the asset carries an aggregate ARA of $19.6 million and a cumulative ASER of $543,359.
- KBRA's analysis resulted in an estimated loss of $31.2 million on a loan balance of $77.3 million (40.4% estimated loss severity). The loss is based on a KBRA liquidation value of $50.9 million ($109 per sf) and projected total exposure of $82.1 million. The value is derived from a direct capitalization approach using a KNCF of $5.9 million and a capitalization rate of 10.25%, and a downward adjustment of $7.1 million for income lost during the stabilization period.
Crossroads Center ($71.0, 22.9%, K-LOC, Current)
- The loan is collateralized by a 766,213 sf portion of Crossroads Center, an 895,488 sf, single-level regional mall located in St. Cloud, Minnesota, approximately 65 miles northwest of the Minneapolis CBD. The sponsor is Brookfield Property Partners. The mall is anchored by JCPenney, Macy’s, Scheels, and Target. Target owns its store and the underlying land and is not part of the loan collateral.
- The borrower failed to pay off the loan at its scheduled April 2023 maturity. In April 2024, a loan modification was executed extending the loan’s maturity 36 months until May 2027. According to the August 2025 rent roll, the subject property was 92.8% leased, compared to 91.3% at last review and 96.0% at closing; however, in-line occupancy is 81.1%. Tenant rollover risk remains a concern as lease rollover exceeds 10.0% of base rent in MTM/2026 (38.3%), 2027 (11.8%) and 2029 (24.6%).
- The servicer-reported occupancy and DSC are 94.0% and 3.07x for the nine months ending September 2025. An appraisal dated September 2023 valued the asset at $53.0 million ($69 per sf), which is 67.9% below the $165.0 million ($215 per sf) value at issuance.
- KBRA's analysis resulted in an estimated loss of $36.9 million on a loan balance of $71.0 million (51.9% estimated loss severity). The loss is based on a KBRA liquidation value of $34.2 million ($45 per sf) and projected total exposure of $71.0 million. The value is derived from a direct capitalization approach using a KNCF of $5.8 million and a capitalization rate of 17.00%.
Holiday Inn - 6th Avenue ($66.5 million, 21.5%, K-LOC, Current)
- The loan is collateralized by a 24-story, 226-key, full-service hotel located in the Chelsea neighborhood of Manhattan six blocks from Madison Square Garden and Penn Station.
- The loan failed to pay off at its June 2023 maturity. In May 2022, the subject was sold for $80.3 million ($355,310 per key) and the loan was assumed by Brookfield Asset Management. The lender granted a maturity extension until June 2025 to give the borrower time to complete ongoing PIP work. A second maturity option was exercised to extend the loan's maturity to June 2026.
- An updated January 2022 appraisal valued the property at $81.4 million ($360,177/key), a 28.3% decrease from issuance. The servicer-reported occupancy and DSC is 95.0% and 1.70x for the FY 2025.
- KBRA's analysis resulted in an estimated loss of $7.8 million on a loan balance of $66.5 million (11.8% estimated loss severity). The loss is based on a KBRA liquidation value of $58.7 million ($259,604 per key) and projected total exposure of $71.0 million. The value is derived from a direct capitalization approach using a KNCF of $6.5 million and a capitalization rate of 11.00%.
KBRA affirms the following ratings:
- Class A-S at AAA (sf)
- Class B at A- (sf)
- Class C at BB (sf)
- Class PEZ at BB (sf)
- Class D at CCC (sf)
- Class E at CC (sf)
- Class F at C (sf)
Rating Sensitivities
Future rating actions will be dependent upon the ongoing assessment of the timing and likelihood of ultimate payment of principal and accrued interest on the rated certificates. The assessment will consider the expected and actual losses on the remaining assets in the transaction, as well as the magnitude and extent of interest shortfalls, if any, on the certificates.
To access ratings and relevant documents, click here.