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KBRA Affirms All Outstanding Ratings for MSC 2013-ALTM

25 Nov 2025   |   New York

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KBRA affirms all ratings for MSC 2013-ALTM, a $135.0 million CMBS SASB transaction. The affirmations follow a surveillance review of the transaction. Although the KNCF and KLTV have improved since our last review, the loan became nonperforming matured balloon in November after being performing last month. The borrower failed to repay the loan at maturity in February and it was transferred to special servicing. KBRA’s value is 33.3% below our value at securitization but is nearly 14% higher than the value at our last review because of a modest improvement in KNCF. We adjusted our outstanding ratings in December 2022 and further adjustments are not warranted at this time.

The transaction collateral is a single, non-recourse, first lien mortgage loan with an outstanding balance of $135.0 million as of November 2025. The mortgage loan had a 12-year term and matured in February 2025. The loan is secured by the borrower’s fee simple interest in a 636,566 sf portion of Altamonte Mall, a 1.2 million sf super-regional mall located 12 miles north of Orlando in Altamonte Springs, Florida. The mall’s anchors are Dillard’s, JCPenney and Macy’s, of which only JCPenney serves as collateral for the loan. Sears, a former non-collateral anchor closed its store in August 2018 and the site remains vacant. The loan sponsor is a 50/50 joint venture between Brookfield Property Partners L.P. (BPY) and New York State Common Retirement Fund (NYSCRF).

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $13.9 million and a KBRA value of $132.0 million ($209 per sf). The resulting in-trust KLTV is 102.3%, compared to 119.8% at last review, 115.5% at KBRA’s last ratings change in December 2022, and 80.9% at securitization. KBRA maintains the loan’s K-LOC designation and KPO of Underperform because it is specially serviced and the KLTV has increased significantly since securitization.

To access ratings and relevant documents, click here.

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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.

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