Press Release|CMBS
KBRA Affirms All Outstanding Ratings for WFRBS 2013-C15
8 Apr 2026 | New York
KBRA affirms all outstanding ratings for WFRBS 2013-C15. The conduit transaction has been reduced to four loans (including one defeased) and a balance of $169.2 million from 82 loans and $1.1 billion at securitization. The affirmations are based on the performance and expected recovery of the transaction's remaining three non-defeased loans, which have not meaningfully changed since KBRA's last ratings change in April 2025.
As of the March 2026 remittance period, there are no delinquent or specially serviced loans; however KBRA identified two K-LOCs (97.9% of the pool balance), both of which were modified and have estimated losses. Our estimated losses are $52.7 million (which, if realized, would impact class D). Interest shortfalls are impacting class D. The details of the remaining non-defeased assets are outlined below.
Augusta Mall ($101.6 million, 60.0%, K-LOC, Modified, Current)
- The loan is collateralized by a 500,222 sf, super-regional mall located in Augusta, Georgia. Mall anchors are Dick's Sporting Goods, Dillard’s, JCPenney, and Macy’s, all of which own their respective improvements and land with the exception of Dick's Sporting Goods (3.5% of total base rent), which occupies its space subject to a lease expiring in January 2028. Sears was a non-collateral anchor but closed in April 2020 and its space remains vacant. The loan sponsor is Brookfield Property Partners L.P.
- The loan failed to pay off at its scheduled August 2023 maturity and was subsequently transferred to the special servicer due to a maturity default. In October 2024, the borrower and special servicer executed a loan modification that extended the maturity to August 2025, with an option to further extend to August 2026 contingent upon a DSCR greater than 1.50x, among other conditions. The borrower exercised this extension option. The loan returned to the master servicer in January 2025 and remains with the master servicer as of the current review. Modification terms include the establishment of an all-purpose reserve, funded by excess cash flow up to a $2.0 million cap, with any additional excess applied to principal. As of March 2026, the reserve balance stood at $1.95 million. The whole loan’s principal balance of $170.0 million has been paid down by 7.3% ($12.4 million).
- For the TTM period ended February 2026, comparable in-line tenants with less than 10,000 sf (excluding Apple) generated sales of $430 per sf, representing a 5.9% increase from issuance ($406 per sf). The servicer reported an occupancy and DSC of 93.0% and 3.19x, respectively, for the YTD period ending June 2025. An appraisal dated April 2024 valued the property at $159.6 million ($319 per sf), which represents a 36.1% decline from the $250.0 million ($500 per sf) value at issuance.
- As of March 2026, the loan is current on payments and not specially serviced. However, in the event of a default, KBRA estimates that it could experience a loss given default of $58.1 million (36.9% estimated loss severity) on the whole loan balance of $157.6 million, of which $37.5 million is allocated to this trust. The loss is based on a KBRA liquidation value of $99.4 million ($199 per sf) and projected total exposure of $157.6 million. The value is derived from a direct capitalization approach using a KNCF of $11.9 million and a capitalization rate of 12.00%.
Carolina Place ($64.0 million, 37.8%, K-LOC, Modified, Current)
- The loan is collateralized by a 647,511 sf portion of a 1.2 million sf super-regional mall located in Pineville, North Carolina, approximately 10 miles south of the Charlotte CBD. The mall is anchored by Belk, Dillard's, and JCPenney; however, only JCPenney (3.6% of total base rent) is collateral for the loan. JCPenney occupies its space pursuant to a lease expiring in May 2028. The former Sears space, which is collateral, has been backfilled by Southern Lion, a home décor market with over 100 tenants. The mall was previously anchored by Macy's, which sold its store to the loan sponsor in 2017; the space has since been leased to Dick's Sporting Goods. The loan sponsor is Brookfield Property Partners L.P.
- The loan failed to pay off at its scheduled June 2023 maturity and was subsequently transferred to the special servicer due to a maturity default. In January 2024, the borrower and special servicer executed a forbearance agreement that expired in June 2025. Following the borrower’s failure to pay off at that time, a loan modification was executed in November 2025, extending the maturity to June 2029, with an option to extend to June 2030. In connection with the modification, a $6.8 million principal curtailment was applied to the whole loan in December. The modification also established an all-purpose reserve, with excess cash flow swept for the remaining loan term; 50.0% is applied to principal, with the remaining 50.0% released to the borrower. As of March 2026, the reserve balance stood at $5.4 million. The loan was returned to the master servicer in January 2026. The whole loan’s principal balance of $175.0 million has been reduced by 24.7% ($43.2 million).
- For FY 2024, comparable in-line tenants with less than 10,000 sf generated sales of $461 per sf, representing a 12.3% increase from issuance ($411 per sf). The servicer reported an occupancy and DSC of 91.0% and 1.45x, respectively, for the YTD period ending September 2025. An appraisal dated May 2025 valued the property at $141.2 million ($218 per sf), which represents a 46.3% decline from the $263.0 million ($406 per sf) value at issuance.
- As of March 2026, the loan is current on payments and not specially serviced. However, in the event of a default, KBRA estimates that it could experience a loss given default of $31.3 million (23.8% estimated loss severity) on the whole loan balance of $131.8 million, of which $15.2 million is allocated to this trust. The loss is based on a KBRA liquidation value of $102.2 million ($158 per sf) and projected total exposure of $133.6 million. The value is derived from a direct capitalization approach using a KNCF of $13.3 million and a capitalization rate of 13.00%.
Halsted Village ($1.8 million, 1.1%, Current)
- The loan is collateralized by a 137,801-sf anchored retail center in Farmington Hills, Michigan, approximately 25 miles northwest of the Detroit CBD.
- The collateral property’s performance has remained relatively stable since issuance. The servicer-reported NCF for FY 2024 was $1.7 million, representing a 6.7% decline from issuance and resulting in a DSC of 2.22x. The anchor tenant is Kroger, which occupies 41.8% of the total collateral sf pursuant to a lease expiring in August 2031. According to the December 2024 rent roll, the property was 79.8% leased, down from 87.6% at last review. The decline is primarily attributable to the departure of the former third-largest tenant, CVS, which vacated at its scheduled lease expiration in December 2025. The tenant occupied 7.2% of the collateral sf.
- The loan is scheduled to mature in August 2028 and full amortizes over the 15-year loan term.
Details concerning the rating affirmations are as follows:
- Class B at BBB (sf)
- Class PEX at CCC (sf)
- Class C at CCC (sf)
- Class D at D (sf)
- Class E at D (sf)
- Class F at D (sf)
Rating Sensitivities
Future rating actions will be dependent upon the ongoing assessment of the timing and likelihood of ultimate payment of principal and accrued interest on the rated certificates. The assessment will consider the expected and actual losses on the remaining assets in the transaction, as well as the magnitude and extent of interest shortfalls, if any, on the certificates.
To access ratings and relevant documents, click here.