Press Release|CMBS
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KBRA Downgrades Two Ratings and Affirms One Rating for CG-CCRE 2014-FL2

21 Nov 2025   |   New York

Contacts

KBRA downgrades the ratings of two classes of certificates and affirms the transaction’s other outstanding rating for CG-CCRE 2014-FL2, a CMBS large loan floating-rate transaction. The only loan in the transaction, Colonie Center (100% of the pool balance), remains in the pool following its failure to pay off by the extended maturity date of December 2023 and is a non-performing specially serviced asset. The downgrades reflect a recent reduction in the collateral property’s value, a continuing decline in KNCF, and the potential for interest shortfalls while the special servicer works to resolve the loan, which is currently in foreclosure. KBRA also considered the potential for principal losses and the resulting recoveries under a liquidation scenario.

The transaction collateral consists of a non-recourse, first lien mortgage loans secured by the fee simple interest in 759,750 sf of Colonie Center, a 1.3 sf super-regional mall located in Albany, New York. The remaining loan has an outstanding principal balance of $99.0 million, which has been participated into a senior pooled component totaling $65.7 million and one or more subordinate non-pooled components totaling $33.2 million. Each of the non-pooled loan components serves as the sole source of collateral for a loan-specific class of certificates. The sponsors of the borrower are affiliates of Kohlberg Kravis Roberts & Co. L.P. (“KKR”) and Pacific Retail Capital Partners. The loan matured in August 2019 and was granted a maturity extension through December 2023. The borrower has requested an additional extension option; however, the lender filed for foreclosure in January 2025. As of the November 2025 reporting, there are $7.6 million in P&I advances outstanding.

The review utilized information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $4.8million, resulting in a KBRA value of $32.2 million and a KLTV of 307.5%, compared to 176.2% at last review and 104.5% at closing. An appraisal of the collateral property dated September 2024 valued the asset at $68.7 million ($91 per sf), which represents a 52.6% decrease from the 2014 value of $145.0 million. As a result, the loan carries an ARA of $43.8 million. Both the appraised value and KBRA’s value imply that the trust has a high risk of incurring losses upon final disposition of the asset. KBRA maintains the loan’s K-LOC designation and KPO of Underperform.

Details concerning the ratings downgrades are as follows:

  • Class C from B- (sf) to CCC (sf)
  • Class D from CCC (sf) to CC (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

Methodologies

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: 1012434