KBRA Assigns Preliminary Ratings to CENT 2025-CITY

KBRA announces the assignment of preliminary ratings to three classes of CENT 2025-CITY, a CMBS single-borrower securitization.

The collateral for the transaction is $925.0 million non-recourse, first lien mortgage loan that is expected to be originated by Bank of America, N.A. (BANA), Goldman Sachs Bank USA (GS Bank), German American Capital Corporation (GACC), Morgan Stanley Bank, N.A. (MSBNA), and Santander Bank, N.A. (SBNA) on or about July 3, 2025. The fixed rate loan is expected to have five-year term and requires monthly interest-only payments that are based on an assumed coupon of 6.00%. The loan is secured by the borrower's fee simple interest in Westfield Century City, a 1.4 million sf super-regional mall located in Century City neighborhood of Los Angeles, California, of which 1.0 million sf serves as collateral of the subject loan. As of June 2025, the space serving as collateral for the loan was 95.6% leased to over 200 unique tenants.

KBRA’s analysis of the transaction included a detailed evaluation of the properties’ cash flows using our North American CMBS Property Evaluation Methodology and the application of our North American CMBS Single Borrower & Large Loan Rating Methodology. In addition, KBRA also relied on its Global Structured Finance Counterparty Methodology for assessing counterparty risk in this transaction and its ESG Global Rating Methodology, to the extent deemed applicable.

The results of our analysis yielded a KBRA net cash flow (KNCF) for the property of approximately $108.7 million, which is 15.6% below the issuer’s NCF, and a KBRA value of approximately $1.5 billion, which is 26.5% below the appraiser’s as-is value. The resulting in-trust KBRA Loan to Value (KLTV) is 61.7%. In our analysis of the transaction, we also reviewed and considered third party engineering, environmental, and appraisal reports, the results of our site inspection of the property, and legal documentation review.

To access ratings and relevant documents, click here.

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Methodologies