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KBRA Affirms All Ratings for WFCM 2016-C35

30 May 2025   |   New York

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KBRA affirms all of its outstanding ratings for WFCM 2016-C35, a $798.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited performance in line with the last ratings adjustments in June 2021.

As of the May 2025 remittance period, there are four specially serviced loans (7.8% of the pool balance) including two REO assets (4.6%) and two loans in foreclosure (3.3%). KBRA has identified 12 K-LOCs (22.5%), of which five (10.3%) have estimated losses. The K-LOCs are depicted in the table below:

K-LOCs Loss Given Default (000s) Loss Severity 2 The Mall at Rockingham Park RT $60,000 7.5% N C N Occupancy 05/16/2022 - - 14 Pinnacle II OF $20,000 2.5% N C N Occupancy 05/04/2022 $10,124 50.6% 9 DoubleTree Overland Park LO $19,435 2.4% Y 90+ N REO 04/30/2020 $12,296 63.3% 13 Eagle Square MU $18,566 2.3% Y 90+ N Foreclosure 10/24/2019 $8,956 48.2% 5 Mall at Turtle Creek RT $17,132 2.1% Y 90+ N REO 03/31/2020 $13,293 77.6% 18 Corporate Park Office Portfolio OF $10,976 1.4% N C N Occupancy 12/11/2023 - - 34 473-479 Sumner Ave / 341 & 345 Amherst St RT $7,606 1.0% N C N DSCR 05/24/2023 - - 35 Holiday Inn & Suites Lima LO $7,450 0.9% Y C N Foreclosure 10/08/2024 $992 13.3% 38 Radisson Colorado Springs LO $6,967 0.9% N C N DSCR 07/09/2024 - - 40 Hilton Garden Inn W. I65 Airport Blvd. LO $6,067 0.8% N C Y DSCR 03/06/2025 - - 65 Quality Inn Olympic National Park LO $3,778 0.5% N C Y DSCR 06/10/2020 - - 84 Brighton Manor Apartments MF $1,693 0.2% N C N DSCR 04/11/2024 - - Total K-LOCs $179,669 22.5% $45,661 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 SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding K-LOCs with estimated losses, the transaction’s WA KLTV is 89.8%, compared to 94.7% at last review and 100.4% at the last ratings change in June 2021. The KDSC is 1.88x, compared to 1.74x at last review and 1.72x at the last ratings change.

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.

Doc ID: 1009679

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