KBRA Affirms All Ratings for GSMS 2013-GCJ14
5 Jun 2026 | New York
KBRA affirms all outstanding ratings for GSMS 2013-GCJ14. The CMBS transaction has been reduced to two loans with a balance of $64.6 million from 84 loans and $1.2 billion at securitization. The affirmations reflect stability in KBRA’s estimated losses for the two loans since KBRA's last review. In addition to the cumulative realized loss of $9.3 million, our estimated losses total $13.0 million and, if realized, would reduce the principal balance of Class H to a factor of 0.40. Recoveries on the remaining loans total $51.7 million and are expected to fully repay the principal balances of Classes F and G.
As of the May 2026 remittance period, both loans are specially serviced and maintain their K-LOC designation, of which one is in foreclosure (61.5% of the pool balance) and one is performing matured (38.5%). The details of these assets are outlined below.
Cranberry Woods Office Park ($39.8 million, 61.5%, K-LOC, Specially Serviced, Foreclosure)
- The loan is collateralized by a 346,478 sf, Class-A suburban office complex located in Cranberry Township, Pennsylvania, approximately 21 miles north of the Pittsburgh CBD. The three, four-story collateral buildings were developed on a 33.6-acre site between 1999 and 2003.
- The loan transferred to the special servicer in August 2023 due to maturity default. The loan has experienced declining performance since the largest tenant, NetApp Inc., downsized to 35,733 sf from 85,503 sf in April 2022, reducing the occupancy in Building 800 to 56.0% as of December 2022. Giant Eagle, Inc. executed a lease for 107,033 sf that commenced in March 2024. As of the September 2025 rent roll, the portfolio occupancy is 87.2%. The loan is under a cash sweep and the lender will continue discussions with the borrower while dual tracking foreclosure.
- The servicer-reported DSC is 1.15x as of the YTD ended June 2025. An appraisal dated September 2025 valued the property at $55.0 million ($159 per sf), representing a 26.2% decrease from closing ($74.5 million; $215 per sf).
- KBRA's analysis resulted in an estimated loss of $2.1 million on a loan balance of $39.8 million (5.2% estimated loss severity). The loss is based on a KBRA liquidation value of $38.0 million ($110 per sf) and projected total exposure of $40.1 million. The value is derived from a direct capitalization approach using a KNCF of $3.6 million and a capitalization rate of 9.50%.
Mall St. Matthews ($24.9 million, 38.5%, K-LOC, Specially Serviced, Performing Matured Balloon)
- The loan is collateralized by 670,376 sf of a 1.0 million sf, single-level regional mall located in Louisville, Kentucky, approximately seven miles east of the city’s CBD. The property, which is owned and operated by Brookfield Property Partners, has three anchors, Dillard’s, Dillard’s Men’s & Home, and JCPenney. Dillard’s owns its stores and the underlying land and JCPenney owns its improvements subject to a ground lease with the sponsor.
- The loan originally transferred to the special servicer during the June 2020 remittance due to maturity default. A loan modification was executed in March 2022 converting the loan to interest-only and extending its maturity until June 2025. Following the loan's default at its extended maturity in June 2025, the borrower was granted a 30-day forbearance but the loan became delinquent in July. As of May 2026, the loan is current and the lender and borrower are finalizing legal documents to extend the loan maturity until June 2027.
- According to the September 2025 rent roll, the subject property was 90.6% leased compared to 93.7% at last review and 95.8% at closing. Tenant rollover risk remains a concern as lease rollover exceeds 10.0% of base rent in MTM/2026 (32.1%), 2027 (12.0%), and 2028 (17.4%). The servicer-reported occupancy and DSC are 93.0% and 1.43x for the FY 2025. An appraisal dated September 2025 valued the asset at $93.0 million ($139 per sf), which is 66.8% below the $280.0 million ($418 per sf) value at issuance. As a result, the asset carries an aggregate ARA of $34.3 million on the whole loan balance, of which $7.3 million is attributable to the GSMS 2013-GCJ14 securitization.
- KBRA's analysis resulted in an estimated loss of $52.4 million on a whole loan balance of $119.9 million (43.8% estimated loss severity). The loss is based on a KBRA liquidation value of $67.4 million ($101 per sf) and projected total exposure of $119.9 million. The value is derived from a direct capitalization approach using a KNCF of $10.1 million and a capitalization rate of 15.00%.
KBRA affirms the following ratings:
- Class F at B- (sf)
- Class G at CCC (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.