KBRA Downgrades One Rating to D (sf) for WFCM 2015-NXS2 Following Realization of Principal Losses
2 Nov 2026 | New York
KBRA downgrades the rating for class D to D (sf) from C (sf) for WFCM 2015-NXS2, a $130.9 million CMBS conduit transaction, following realized losses incurred from the resolution of the 70 Broad Street specially serviced asset ($14.1 million trust balance at disposition) as reflected in the October 2026 remittance report.
The 70 Broad Street loan was collateralized by an 18,258 sf, mixed-use property located in the Financial District of Manhattan. The asset was liquidated in October 2026 with gross proceeds totaling $8.9 million. After fees, advances, and expenses, the liquidation resulted in a $14.1 million realized loss, representing a 94.1% loss severity on the outstanding balance at disposition.
Following the liquidation of 70 Broad Street, the balances of the D-rated class E certificates were reduced to zero, while the principal balance of class D was reduced to $35.8 million, or 87.4% of its original certificate balance.
KBRA's other outstanding ratings for the transaction are unchanged at this time.
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