KBRA Affirms All Ratings for GSMS 2015-GC32
24 May 2024 | New York
KBRA affirms all of its outstanding ratings for GSMS 2015-GC32, a $796.8 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.
As of the May 2024 remittance period, there are no delinquent or specially serviced loans, however, KBRA has identified 10 K-LOCs (21.4% of the pool balance), of which three (5.5%) have estimated losses. These include:
Four of the top 10 loans (15.8%)
- JW Marriott Cherry Creek (3rd largest, 7.0% of the pool balance)
- Hilton Garden Inn Pittsburgh/Southpoint (5th largest, 3.4%, 17.1% estimated loss severity)
- Selig Office Portfolio (6th largest, 3.1%)
- Cypress Retail Center (9th largest, 2.3%)
Two additional K-LOCs (2.0%) with estimated losses:
- Shops at 69th Street (1.2%, 24.4%)
- Midwest Retail Portfolio (0.8%, 4.3%)
The remaining four K-LOCs do not have estimated losses and represent 3.5% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 105.5%, compared to 107.7% at last review and 103.4% at securitization. The WA KDSC is 1.37x, compared to 1.43x at last review and 1.68x at securitization.
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