KBRA Affirms All Ratings for GSMS 2014-GC24
24 Jul 2026 | New York
KBRA affirms all outstanding ratings for GSMS 2014-GC24. The transaction has been reduced to two loans and a balance of $202.9 million from 74 loans and $1.1 billion at securitization. Each of the two remaining assets have been identified as KBRA Loans of Concern (K-LOC). The affirmations are based on KBRA's expected resolutions of the remaining loans and our estimated losses totaling $83.3 million (which, if realized, would impact class D and below).
As of the July 2026 remittance period, one asset (61.5%) is non-performing matured balloon and the other (38.5%) is performing matured.
Stamford Plaza Portfolio ($124.7 million, 61.5%, Specially Serviced, Non-Performing Matured Balloon)
- The loan is collateralized by a 982,483 sf, high-rise office campus located in downtown Stamford, Connecticut, approximately 40 miles northeast of New York City. The subject is comprised of four, 15 and 16-story buildings developed between 1979 and 1986 and renovated between 1993 and 1996.
- The asset was transferred to the special servicer in August 2024 when the loan failed to pay off at maturity. The asset went into receivership in October 2025. The portfolio has seen a downturn in leasing activity since 2017 and was 65.6% occupied according to the December 2025 rent roll, compared to 62.8% at last review and 88.0% at securitization. According to REIS, the Stamford submarket Q2 2026 vacancy rate was 24.5%. Lease rollover at the property through YE 2027, inclusive of MTM leases, represents 16.2% of base rent and 10.1% of collateral sf across 19 leases, none of which are among the five largest leases. The borrower submitted a modification proposal in April 2026 to split the loan into four notes. The court ruled in the lender's favor of an A-1 and A-2 note split in June 2026 while the receiver manages the property and attempts to improve leasing. The servicer reported an occupancy and DSC of 65.7% and 0.79x, respectively, for the FY 2025 period. An appraisal dated October 2024, valued the asset at $150.7 million ($88 per sf), which represents a 64.7% decline from its $427.2 million value ($153 per sf) at issuance. As a result, the asset carries an aggregate ARA of $116.7 million on the whole loan balance, of which $64.1 million is attributable to this securitization. The ARA for this transaction resulted in a cumulative ASER of $212,973 as of July 2026.
- KBRA’s analysis resulted in an estimated loss of $160.8 million (66.9% estimated loss severity) on the whole loan balance of $240.6 million, of which $83.3 million would be allocated to the trust. The estimated loss is based on a KBRA liquidation value of $86.8 million ($50 per sf) and a total projected exposure of $247.6 million. The liquidation value was derived from a direct capitalization approach using a KNCF of $8.6 million and a capitalization rate of 10.00%.
Coastal Grand Mall ($78.2 million, 38.5%, Specially Serviced, Performing Matured)
- The loan is collateralized by a 631,153 sf portion of a 1.1 million sf super regional mall located in Myrtle Beach, South Carolina. The asset is situated approximately three miles west of downtown Myrtle Beach and is adjacent to the Myrtle Beach International Airport. The mall is anchored by Dillard’s (non-collateral), Belk (non-collateral), and JCPenney (16.5% of collateral sf). A fourth anchor box formerly occupied by Sears (non-collateral) was vacated following its closure in January 2021.
- The asset was transferred to the special servicer in August 2024 when the loan failed to pay off at maturity. A loan modification closed in November 2025 which required the borrower to contribute $5.9 million in new equity, resulting in a principal paydown of $5.0 million, and pay a forbearance fee equal to 1.0% of the unpaid principal balance. As a result, the loan was extended through August 2028, but will remain in cash management with 1.0% annual interest rate escalations through the extended maturity date. According to the December 2025 rent roll, the collateral was 99.9% leased, compared to 98.6% at last review and 97.3% at issuance. Lease rollover through YE 2027, inclusive of MTM leases, represents 18.9% of base rent and 15.0% of collateral sf across 59 leases, none of which are among the 10 largest. At this time, the loan continues to perform under the forbearance. The servicer reported an occupancy and DSC of 99.9% and 1.90x, respectively, for the FY 2025 period. An updated appraisal dated October 2025 valued the asset at $95.0 million ($151 per sf), which represents a 56.4% decline from its $218.0 million value ($345 per sf) at issuance.
- At this time, KBRA does not estimate a loss on this asset.
Details concerning the rating affirmations are as follows:
- Class B at A (sf)
- Class PEZ at BB (sf)
- Class C at BB (sf)
- Class D at C (sf)
- Class E at C (sf)
- Class F at C (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.