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KBRA Affirms All Ratings for MSBAM 2016-C31

13 Mar 2026   |   New York

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KBRA affirms all outstanding ratings for MSBAM 2016-C31, a $746.7 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which comprises a pool of mortgage loans that are all scheduled to mature between March 2026 and November 2026. The surveillance review included a refinance and recovery analysis for the underlying mortgage pool, which has estimated losses from K-LOCs. Additionally, the transaction has benefited from deleveraging due to principal paydowns, amortization, and defeasance, particularly at the top of the capital structure. Despite KBRA’s estimated losses for the transaction, ratings adjustments are not warranted at this time.

As of the February 2026 remittance period, there are two specially serviced assets (4.4% of the pool), including one asset (3.9%) that is REO. KBRA identified 12 K-LOCs (42.1%), including the specially serviced assets. Of the 12 K-LOCs, three (13.9%) have estimated losses. The K-LOCs are depicted in the table below.

K-LOCs Loss Given Default (000s) Loss Severity 1 Huntington Center OF $73,168 9.8% N C N Maturity 11/05/2025 - - 7 Harlem USA RT $40,000 5.4% N C N Occupancy 08/10/2020 $10,064 25.2% 5 Vintage Park RT $39,754 5.3% N C Y Occupancy 04/15/2020 - - 6 Simon Premium Outlets RT $34,316 4.6% N C N Maturity 03/06/2025 $11,444 33.3% 9 International Square OF $30,000 4.0% N C N Occupancy 05/09/2023 - - 8 One Stamford Forum OF $29,203 3.9% Y REO N REO 04/10/2019 $20,500 70.2% 10 Coconut Point RT $25,701 3.4% N C N Maturity 02/10/2026 - - 22 Cambridge Center OF $11,293 1.5% N C N Maturity 10/31/2025 - - 23 Stockridge Plaza RT $10,546 1.4% N C N Lease Rollover 07/10/2024 - - 27 788 Jefferson OF $8,559 1.1% N C N Maturity 10/10/2025 - - 28 Town Center Promenade RT $8,208 1.1% N C N Maturity 07/30/2025 - - 44 1400 Eubank - Albuquerque IN $3,613 0.5% Y 90+ Y Specially Serviced 02/25/2022 - - Total K-LOCs $314,359 42.1% $42,008 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1013937