KBRA Downgrades One Rating to D (sf) for WFCM 2015-NXS2 Following Realization of Principal Losses
5 Oct 2026 | New York
KBRA downgrades the rating for class E to D (sf) from C (sf) for WFCM 2015-NXS2, a $155.3 million CMBS conduit transaction, following realized losses incurred from the resolution of the Sea Harbor Office Center specially serviced asset ($40.0 million trust balance at disposition) as reflected in the September 2026 remittance report.
The Sea Harbor Office Center loan was collateralized by an eight-story, 359,514 sf office building located in Orlando, Florida, 10 miles southwest of the city’s CBD and adjacent to the Sea World theme park. The asset was liquidated in September 2026 with gross proceeds totaling $20.7 million. After fees, advances, and expenses, the liquidation resulted in a $20.0 million realized loss, representing a 50.1% loss severity on the outstanding balance at disposition.
Following the liquidation of Sea Harbor Office Center, the balances of the D-rated class F certificates were reduced to zero, while the principal balance of class E was reduced to $14.4 million, or 57.2% of its original certificate balance.
KBRA's other outstanding ratings for the transaction are unchanged at this time.
To access ratings and relevant documents, click here.