KBRA Analytics

KBRA Analytics has launched Private Credit Benchmarking on its Credit Intelligence platform, bringing market participants the first borrower-level benchmarking solution built entirely on analyst-adjusted financial data. Powered by 4,000+ middle-market borrowers and nearly 300,000 analyst-adjusted financials, the platform provides a comprehensive private credit analysis solution. Learn more: kbra.com/analytics/prod… #PrivateCredit #PortfolioManagement #CreditMarkets #KBRA

Grocery Outlet is closing 36 underperforming stores, including a significant number on the East Coast, raising potential ripple effects across #CMBS exposure. KBRA Credit Profile (#KCP) identifies 25 properties backing $471 million in loans tied to Grocery Outlet tenancies. Read the full special report: kbra.com/analytics/prod…

The $425 million The JACX loan (BAMLL 2021-JACX) transferred to special servicing during the March 2026 remittance period for imminent default ahead of its September 2026 maturity. The transfer follows continued occupancy pressure stemming from Macy’s (54% of GLA) dark space and WeWork’s November 2023 departure from 217,111 sf (18%), a portion of which the sponsor backfilled with its Studio by Tishman Speyer coworking affiliate. Although Macy’s lease runs through 2040, the tenant has contraction options on three floors beginning in 2029. The loan is secured by a 1.2 million sf, class-A office property in Long Island City, NY. Learn more: kbra.com/analytics/prod…

Foreclosure status was assigned in March 2026 for the $24.5 million One Parkway North Fee loan (BMARK 2018-B2) after transferring to special servicing in the February 2026 remittance period due to monetary default. The borrower and lender have been unable to agree on a path forward, and a receiver was subsequently appointed in February 2026. The loan is secured by the borrower’s leased fee interest in the ground beneath a 257,394-sf suburban office complex in Deerfield, IL. Learn more: kbra.com/analytics/prod…

KBRA Credit Profile (KCP) was featured in the latest edition of Green Street’s Commercial Mortgage Alert, contributing data and analysis on declining CRE CLO delinquencies and improving loan performance trends. The article highlights how issuance activity and loan resolutions are helping reduce distress levels across the market, with KCP insights pointing to shifting dynamics in special servicing and borrower health. Read the full article on @newsgreenstreet or explore more at kbra.com/analytics/prod… #KCP #GreenStreetCommercialMortgageAlert #CRECLO #insights

The $33.0 million Westin Memphis loan (JPMDB 2016-C4) transferred to special servicing in March 2026 due to imminent monetary default. Net cash flow for the year ending December 2025 declined 64% from underwritten expectations. Of additional concern, servicer commentary indicated that $579,000 of taxes remained delinquent and were owed to the city as of October 2025. A workout strategy has not yet been determined. The loan is secured by a nine-story, 203-key full-service hotel in downtown Memphis, TN. Learn more: kbra.com/analytics/prod…

The 1.8 million-sf 1500 Market Street property securing JMPCC 2020-MKST sold for $94.0 million ($53/sf), near our concluded value of $87.2 million ($50/sf), marking a steep discount for one of Center City Philadelphia’s largest distressed office assets. The largely vacant property has been in special servicing since August 2022 and had been marketed for sale since September 2025. The transaction represents a significant reset in value and follows our previous credit alert noting that the asset was under contract for less than $100 million. Buyer PMC Property Group, together with investor Dean Adler, plans a mixed-use redevelopment that could include an apartment conversion, a 300-room hotel, renovated office space, and wellness-focused ground floor retail. Learn more: kbra.com/analytics/prod…

The Carlyle Group signed a 10-year lease for 150,036 sf at 245 Park Avenue (PRKAV 2017-245P, multiple conduits), according to SL Green. The space spans floors 23 through 26 and was previously leased to Angelo Gordon. Following the new lease, occupancy is expected to remain at 98%. Learn more kcp.krollbondratings.com/portal/loan-gr…

Why are office loans driving CMBS stress today? In this clip from The Not Podcast Podcast, KBRA Analytics’ Steve Kuritz explains how KBRA Credit Profile (KCP) identifies KBRA Loans of Concern and why structural demand shifts and lease rollover are pressuring the office market. Listen to the full episode now youtu.be/6oPR6xubxps, or learn more about KCP at kbra.com/analytics/prod…

As credit markets evolve, infrastructure is needed to deliver greater transparency at scale. KBRA President & CEO Jim Nadler joined industry leaders at the 2026 Private Credit Technology Summit in New York to examine how data standards, disclosure frameworks, and platforms connecting market participants are responding to growing demands from LPs, regulators, and secondary buyers. The discussion highlighted that advancing transparency and infrastructure will be critical to supporting liquidity and the next phase of market growth. #KBRA #financialmarket #datainfrastructure #creditrisk #marketinnovation

An updated appraisal in March valued the collateral securing the $260.0 million Illinois Center loan (CGCMT 2015-GC33, GSMS 2015-GC34, CGCMT 2015-C35) at $85.7 million ($41/sf), a 78% decline from the issuance value of $390.0 million ($186/sf). Additionally, an appraisal reduction amount (ARA) of $184.9 million was assessed in March 2026. The special servicer has pursued foreclosure as its primary workout strategy since early 2025 while also engaging in modification discussions with the borrower. The loan is secured by the borrower's fee interest in a portfolio that consists of 2.1 million sf of class-A office space in Chicago, IL. Learn more: kbra.com/analytics/prod…

The $60 million 7th & Pine Seattle Retail & Parking loan (CFCRE 2016-C6) transferred to special servicing in March 2026 without accompanying commentary and remained current in payment. The parking operator, SP Plus Corporation (“Standard Parking”), has a NNN lease scheduled to expire in October 2026, one month ahead of the loan’s November 2026 maturity, while property cash flows have struggled to consistently cover debt service. The loan is secured by a 361,650-sf condominium unit consisting of a 950-stall parking garage and 24,140 sf of ground-floor retail located in Seattle’s CBD beneath the Grand Hyatt Seattle hotel (COMM 2017-COR2, COMM 2018-COR3, JPMCC 2019-COR4), which serves as the collateral’s primary demand driver. Learn more: kbra.com/analytics/prod…

In March 2026, SL Green announced that a global investment firm, later identified as The Carlyle Group, signed a 10-year lease at 245 Park Avenue (PRKAV 2017-245P, multiple conduits) for 150,036 sf (9%). The space, located on floors 23through 26, was previously leased to Angelo Gordon through February 2031, however the tenant was acquired by TPG in November 2023 and announced plans in November 2024 to lease over 300,000 sf in Hudson Yards, relocating from 245 Park Avenue and 888 Seventh Avenue. Given the new lease, we expect occupancy to remain at 98%. KCP highlighted additional leasing activity last month. Learn more: kbra.com/analytics/prod…

Saks Global continues to reshape its retail footprint as additional store closures are announced during the Chapter 11 process. KCP reviewed CMBS exposure tied to affected Saks Fifth Avenue and Neiman Marcus locations and highlights properties and loans with potential impact. Read the report for more insight into the latest developments: kbra.com/analytics/prod…

Round1 Bowling & Arcade has signed a lease for approximately 125,000 sf at Valencia Town Center (UBSCM 2013-C5). The venue is expected to open in early 2027 and is the first announced tenant tied to the property’s planned redevelopment, which was initiated following Centennial Real Estate’s acquisition of the mall in September 2023. The $186.6 million loan, secured by a 657,837-sf portion of a 1.1 million-sf regional mall in Valencia, CA, was first identified as a K-LOC in April 2022. Reported annualized September 2025 NCF for the collateral is down 60% since issuance and occupancy sits at 72%. Learn more: kbra.com/analytics/prod…

Westfield San Francisco Centre ($558 million; DBJPM 2016-SFC, multiple conduits) is under contract for sale to Presidio Bay Ventures and Prado Group. Pricing has not been disclosed, and the deal remains subject to a due diligence period of up to three months. Learn more kcp.krollbondratings.com/portal/loan-gr…

The office market story isn’t one size fits all. In this clip from The Not Podcast Podcast, KBRA Analytics’ Steve Kuritz discusses what’s happening in New York, Chicago, and Denver and what those differences signal for office credit risk. Listen to the full episode now youtu.be/6oPR6xubxps, or explore KCP by visiting kbra.com/analytics/prod…

Brookfield Properties and Queensland Investment Corporation have listed Victoria Gardens (BFLD 2024-VICT) for sale as part of Brookfield’s ongoing strategy to dispose of retail assets in Southern California. Victoria Gardens, located in Rancho Cucamonga, CA, spans 1.2 million sf, of which 694,549 sf is collateral. The collateral portion reported an occupancy of 94% as of September 2025. Major tenants include AMC, Apple, Williams Sonoma, and P.F. Chang’s. The non-collateral anchors include Macy’s and JCPenney. The $265 million loan is scheduled to mature in July 2026 and has three 12-month extension options remaining. Learn more: kbra.com/analytics/prod…

IPIC Theaters has filed for Chapter 11 while pursuing a court-supervised sale as it continues operating during the restructuring process. #KCP reviewed #CMBS exposure tied to IPIC tenancies and highlights potential implications if certain locations face closure. Learn more: kbra.com/analytics/prod…

The fourth-tallest office tower in New Orleans, Energy Centre (JPMCC 2013-C16), was refinanced with a new $61 million fixed-rate, five-year loan arranged by JLL on behalf of the borrower, Triangle Capital Group. The $51.4 million loan is secured by the 39-story, 757,275-sf, class-A office building in the CBD, which was 86% leased at the time of refinancing. Triangle assumed control of the property through a mezzanine lender UCC foreclosure in 2024 after the prior owner, Hertz Investment Group, failed to pay off the debt at its October 2023 maturity. Learn more: kbra.com/analytics/prod…