KBRA Downgrades Four Classes and Affirms All Others Ratings for GSMS 2015-GC30
25 Apr 2025 | New York
KBRA downgrades the ratings of four classes and affirms all other outstanding ratings for GSMS 2015-GC30, a $476.9 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses for five K-LOCs (44.5% of the total pool balance) since KBRA’s last ratings change in April 2024.
As of the April 2025 remittance period, there are four specially serviced assets (43.3%), two of which (30.4%) are non-performing matured and two (12.9%) are in foreclosure. There are an additional three loans (7.9%) which are non-performing matured and have yet to transfer to the special servicer. KBRA identified 11 K-LOCs (60.8%), including the specially serviced assets. Of the K-LOCs, five (44.5%) have estimated losses. These include:
Seven top 10 loans (54.6%):
- Selig Office Portfolio (largest, 25.8% of pool balance, 32.7% estimated loss severity)
- Bank of America Plaza (3rd largest, 9.1%, 83.1%)
- 311 California Street (4th largest, 5.2%)
- Hilton Scotts Valley (5th largest, 4.6%, 8.8%)
- 170 Broadway (7th largest, 3.8%, 14.8%)
- 132-40 Metropolitan Avenue (8th largest, 3.4%)
- Aria on L (10th largest, 2.6%)
One additional K-LOC (1.1%) has an estimated loss:
- Shops of Walterboro (1.1%, 10.4%)
The remaining three K-LOCs do not have estimated losses and represent 5.2% of the pool balance.
Excluding K-LOCs with estimated losses, the transaction’s WA KLTV is 83.5%, compared to 100.4% at KBRA’s last rating change in April 2024 and 99.7% at securitization. The KDSC is 1.67x, compared to 1.65x at last ratings change and 2.13x at securitization.
Details concerning the classes with rating changes are as follows:
- Class D to B- (sf) from BBB -(sf)
- Class E to CCC (sf) from B (sf)
- Class F to CC (sf) from CCC (sf)
- Class X-D to B- (sf) from BBB -(sf)
To access ratings and relevant documents, click here.
Click here to view the report.