KBRA Upgrades Three Ratings and Affirms All Other Ratings for WFCM 2015-NXS3
13 Sep 2024 | New York
KBRA upgrades the ratings of three classes of certificates, B, C, and PEX, and affirms all other outstanding ratings of WFCM 2015-NXS3, a $511.4 million conduit transaction. The rating actions follow a review of the transaction and reflect the deleveraging of the transaction from loan payoffs, amortization, and defeasances, as well as the positive maturity profiles of a majority of the remaining loans, all of which mature between June 2025 and October 2025.
As of the August 2024 remittance period, there are two (4.0% of the pool) specially serviced loans, both of which are over 90 days delinquent. KBRA identified four loans (6.5%) as K-LOCs, including the specially serviced assets. The K-LOCs include one of the Top 10 loans:
- 722 12th Street NW (10th largest, 2.9% of the pool balance, 69.3% loss severity)
One other K-LOC has an estimated loss:
- Chagrin Plaza Beachwood (1.1%, 9.0%)
The remaining two K-LOCs, representing 2.6% of the pool balance, do not have estimated losses.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 87.2%, which is lower than 92.7% at last review and 100.2% at issuance. The KDSC is 2.27x, compared to 2.20x at last review and 2.00x at issuance.
Details concerning the ratings changes are as follows:
- Class B to AA (sf) from AA- (sf)
- Class C to A (sf) from A- (sf)
- Class PEX to A (sf) from A- (sf)
To access rating and relevant documents, click here.
Click here to view the report.