KBRA Affirms All Ratings for BAMLL 2015-ASTR

KBRA affirms all outstanding ratings of BAMLL 2015-ASTR, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited improved performance since KBRA’s last review, primarily as a result of recent leasing. However, the magnitude of the change in KBRA value and KLTV does not warrant rating adjustments at this time.

The transaction collateral is a single, non-recourse, first lien mortgage loan secured by the borrower’s leasehold interest in a 385,831 sf, Class-A office building located in the Manhattan borough, New York City, New York. The loan has an outstanding principal balance of $273.5 million ($709 per sf) as of June 2025. The sponsors of the borrower are Edward J. Minskoff Equities, Inc. and Edward J. Minskoff.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. As the property’s occupancy has increased recently, KBRA is no longer utilizing a stabilized analysis to derive property value and KLTV. The as-is analysis produced a KNCF of $20.0 million and a KBRA value of $258.9 million ($671 per sf). The resulting in-trust KLTV is 105.6%, a change from 121.9% at KBRA’s last review and 89.1% at securitization. Given the asset’s improved performance since last review, KBRA has revised the loan’s KPO to Perform from Underperform and removed the K-LOC designation.

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