KBRA Withdraws All Ratings for CENT 2023-CITY Following Loan Payoff

KBRA withdraws its ratings from Classes A, B and HRR for CENT 2023-CITY, a CMBS SASB transaction, following the full payoff of the underlying loan in July 2025. The subject loan was refinanced with the proceeds from the CENT 2025-CITY SASB securitization, which closed in the same month.

During the term of the securitization, the loan performed and was never reported as delinquent or specially serviced. The collateral property is Westfield Century City, a 1.4 million sf super-regional mall in the Century City neighborhood of Los Angeles. Affiliates of Unibail-Rodamco-Westfield (URW) are the sponsors of the loan.

According to the July 2025 remittance report, Classes A and B were paid in full. Class HRR was affected by a prepayment interest shortfall (PPIS) in the amount of $2.01 million. All amounts due under the loan agreement, including interest accrued on the loan balance through July 3rd, were remitted to the trust on the loan’s payoff date on July 3, 2025. This amount was passed through to the trust, which had an interest accrual period from the 15th day of the prior month to the 14th day of July, resulting in the PPIS, which equated to 11 days of interest.

The withdrawn ratings are as follows:

To access ratings and relevant documents, click here.