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KBRA Affirms All Ratings for CGCMT 2016-GC36

5 Dec 2025   |   New York

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KBRA affirms all of its outstanding ratings for CGCMT 2016-GC36, a $667.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an increase in exposure to specially serviced assets and estimated losses since KBRA’s last ratings adjustments in December 2024. However, the magnitude of these changes does not warrant ratings adjustments at this time.

As of the November 2025 remittance period, there are seven (56.3% of the pool balance) specially serviced assets. KBRA identified 11 assets (65.5%) as K-LOCs, including the specially serviced assets. Of the K-LOCs, eight (55.8%) have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 1 5 Penn Plaza OF $115,000 17.2% Y C Y Specially Serviced 10/03/2023 $25,533 22.2% 4 Glenbrook Square RT $87,133 13.1% Y C Y Specially Serviced 02/28/2017 $47,781 54.8% 7 215 West 34th Street & 218 West 35th Street MU $45,000 6.7% Y C N Specially Serviced 10/29/2025 - - 6 Park Place OF $44,347 6.6% Y C N Maturity 02/03/2025 $5,175 11.7% 8 King of Prussia Hotel Portfolio LO $32,516 4.9% Y NPM Y Non-Performing Maturity 04/07/2020 $18,186 55.9% 10 South Plains Mall RT $30,000 4.5% Y NPM N Maturity 09/28/2020 $7,234 24.1% 13 Northeast Corporate Center OF $22,119 3.3% N C N Lease Rollover 05/02/2018 $7,528 34.0% 12 Heinz 57 Center OF $21,422 3.2% Y C N Maturity 09/25/2025 $5,694 26.6% 14 Embassy Corporate Park OF $19,967 3.0% N C N Maturity 11/21/2025 $2,232 11.2% 21 900 Seward Street OF $11,837 1.8% N C N Prior SS 01/07/2025 - - 29 Southwood Tower OF $7,590 1.1% N C N DSCR 10/02/2024 - - Total K-LOCs $436,931 65.5% $119,363 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 80.6%, compared to 93.7% at KBRA's last ratings change in December 2024 and 101.4% at securitization. The KDSC is 1.72x, compared to 1.64x at KBRA's last ratings change and 1.73x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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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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