KBRA Affirms All Ratings for MSBAM 2015-C25
14 Aug 2024 | New York
KBRA affirms all of its outstanding ratings for MSBAM 2015-C25, a $1.0 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since issuance.
As of the July 2024 remittance, there is one (11.1% of the pool balance) specially serviced loan, which is matured performing. KBRA identified seven K-LOCs (27.6%), one (0.6%) of which has an estimated loss. These include two top 10 loans:
- Herald Center (largest, 11.0% of the pool balance)
- 261 Fifth Avenue (2nd largest, 11.0%)
One other K-LOC has an estimated loss:
- Holiday Inn Express & Suites - Dallas North Tollway, TX (0.6%, 25.7% estimated loss severity)
The remaining four K-LOCs do not have estimated losses and represent 5.0% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s weighted average WA KLTV is 101.9% compared to 107.1% at last review and 107.5% at securitization. The KDSC is 1.53x compared to 1.46x at last review and 1.47x at issuance.
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