Press Release|CMBS
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KBRA Affirms All Ratings for RFR 2025-SGRM

5 Mar 2026   |   New York

Contacts

KBRA affirms all ratings for RFR 2025-SGRM, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization in March 2025.

The collateral for the mortgage is a $1.2 billion non-recourse, first lien whole loan secured by the borrower’s fee simple interest in 375 Park Avenue, which is commonly known as the Seagram Building. The property is a 38-story, 859,934 sf, Class-A office tower located in Midtown Manhattan. The fixed-rate loan has a four-year term and matures in March 2029. The loan sponsors are Aby Rosen and Michael Fuchs, the founders of RFR Realty.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $78.9 million and a KBRA value of $1.1 billion ($1,281 per sf). The resulting in-trust KLTV is 108.9%, compared to 105.6% at securitization. KBRA assigned a KPO of Perform to the loan.

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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