KBRA Affirms All Ratings for WFCM 2015-C28
17 Mar 2025 | New York
KBRA affirms all of its outstanding ratings for WFCM 2015-C28, an $841.5 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA's last ratings change in March 2024.
As of the February 2025 remittance period, there is one specially serviced asset (4.2%) which is REO. KBRA identified nine K-LOCs (11.9%), including the specially serviced asset. These include one of the top 10 loans:
- 3 Beaver Valley Road (7th largest, 4.2% of the pool balance, 56.5% estimated loss severity)
The remaining eight K-LOCs do not have estimated losses and represent 7.7% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 87.5%, compared to 89.4% at KBRA's last ratings change and 105.5% at securitization. The KDSC is 1.94x, compared to 1.94x at KBRA's last ratings change and 1.62x at securitization.
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