Press Release|CMBS
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KBRA Affirms All Ratings for ALA 2025-OANA

12 Jun 2026   |   New York

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

The collateral for the transaction is a $2.4 billion non-recourse, first lien mortgage loan. The floating rate loan has an initial two-year term with three one-year extension options and requires monthly interest-only payments based on one-month Term SOFR plus a spread of 2.05%.

The collateral is secured by the borrower’s fee simple and leasehold interests in Ala Moana Center, a 2.4 million sf outdoor super-regional mall, as well as two adjacent office buildings known as Ala Moana Building and Ala Moana Pacific Center, which total approximately 360,000 sf combined. The collateral is situated on a 61.2-acre parcel along the Pacific Ocean, and is two miles from the Honolulu CBD, one mile from Waikiki, and seven miles from Honolulu International Airport. The subject is the world’s largest open-air mall and one of the most productive retail assets in the world. The mall was originally constructed in 1959 and has been consistently updated and expanded since. The mall contains ten anchors and over 350 tenants, many of which are high-end luxury retailers. The mall is anchored by Macy’s (326,680 sf), Nordstrom (185,951 sf), Bloomingdale’s (162,000 sf), Neiman Marcus (161,055 sf), Target (136,525 sf), Dave & Buster’s (44,680 sf), Saks Off Fifth (41,661 sf), Zara (36,205 sf), Old Navy (33,221 sf), and Barnes & Noble (30,758 sf). The loan is sponsored by Brookfield.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $196.1 million and a KBRA value of $2.9 billion ($1,043 per sf). The resulting in-trust KLTV is 84.6% compared to 84.9% at securitization. KBRA assigned a KPO of Perform to the loan.

To access ratings and relevant documents, click here.

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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.

Doc ID: 1015501