KBRA Analytics

Alchemy Real Estate Advisors announced the sale of the University of Delaware Hotel Portfolio (WFCM 2015-LC20), which secures a matured non-performing loan with a remaining balance of $29.0 million. The loan has been with the special servicer since December 2022 and failed to pay off at its March 2025 maturity. The portfolio comprises the 154-key Embassy Suites Newark-Wilmington South and the 91-key Homewood Suites Wilmington South, located adjacent to the University of Delaware campus in Newark, Delaware. October 2026 special servicer commentary indicated a judge approved the receivership sale following a settlement with the State of Delaware that released a judgment lien against the borrower. The portfolio was most recently appraised at $32.9 million ($134,286/key), down from $49.0 million ($200,000/key) at issuance. The sale price and buyer were not disclosed. Learn more: kbra.com/analytics/products/…

Brookfield has elected to relinquish its ownership interest in Beaudry (BDS 2025-FL15, BDS 2025-FL16, BDS 2026-FL17), a 785-unit Class A apartment tower in Downtown Los Angeles, as refinancing the $357.1 million loan would require an additional equity commitment. Apollo-owned Bridge Investment Group is reportedly seeking to sell the note on the apartment tower. The 56-story property was completed in 2023 at a development cost of $490.5 million ($624,841/unit) and was approximately 95% occupied as of November 2026, according to recent news reports. Despite strong occupancy, rental rates have remained below initial expectations, while concessions have put pressure on property performance. The interest-only loan matures in May 2028, with two one-year extension options. Learn more: kbra.com/analytics/products/…

Seven Equity Group has reportedly been selected to acquire the Westfield San Francisco Centre (DBJPM 2016-SFC, multiple conduits) in the latest bidding process for the shuttered mall. The selection comes after Presidio Bay Ventures and Prado Group withdrew their $130 million proposal in July 2026, as discussed in KCP's prior credit alert. The mall has remained vacant since its January 2026 closure and was acquired by the lender through foreclosure in November 2025. The sale is expected to close in Q1 2027. Learn more: kbra.com/analytics/products/…

The Vie Portfolio loan (JPMCC 2019-COR5, BMARK 2019-B10, BMARK 2019-B12) was paid down by $38.5 million in October 2026 following the release of University Downs Apartments, a 430-bed student housing property in Tuscaloosa, Alabama. The curtailment follows a previous $14.0 million paydown in April 2026 associated with the release of the 616-bed Hillcrest Oakwood. Originally secured by six student housing properties totaling 2,059 beds across six states, the portfolio now comprises four properties totaling 1,013 beds. Learn more: kbra.com/analytics/products/…

KBRA Credit Profile (#KCP) released its Loss Lookback Analysis for the September reporting period, covering the resolution of 18 loans with an aggregate principal balance of $601.1 million within the KCP coverage universe. The loans were securitized across 18 #CMBS transactions, with related trusts realizing $415.5 million in losses. Learn more today: kbra.com/analytics/products/…

The 113,987 sf retail property securing the modified $29.9 million The Shops at Somerset Square loan (WFCM 2016-LC25) was sold in October 2026 for approximately $29.3 million ($257/sf), compared with its previous sale price of $30.1 million ($264/sf) in October 2022. Based on the capital event waterfall outlined in the loan agreement, the trust is expected to receive $18.5 million in sale proceeds, while the borrower will receive $10.7 million. The unanchored, open-air shopping center in Glastonbury, Connecticut, was 84% occupied at the time of sale. The loan is scheduled to mature in November 2026 and reported annualized NCF for the six months ended June 2026 of $1.1 million and a DSCR of 0.90. Learn more: kbra.com/analytics/products/…

The latest KCP Payoff Report examines mixed CMBS maturity outcomes, with office loans continuing to face refinancing challenges while retail payoff performance improves. Explore October’s key loan developments and maturity trends in the full report: kbra.com/analytics/products/… #CMBS #CRE

The FOMC held rates at 3.75%-4.0% in October in a 10-2 vote, with Lisa D. Cook and Beth M. Hammack favoring a 25 bp hike. For bank and credit union leaders, inflation, Treasury yields, PCE, and the Fed’s evolving meeting structure remain key signals. Read the KBRA Financial Intelligence recap here: kbra.com/analytics/products/… #FOMC #FederalReserve #InterestRates #Banking

Financial technology firm Ramp has signed another long-term lease expansion for an additional 175,000 sf (30% of GLA) at 28-40 West 23rd Street (BMO 2024-5C4, BMARK 2024-V7, BBCMS 2024-5C27). The agreement increases Ramp’s total footprint to approximately 460,000 sf (80% of GLA), following a prior expansion of approximately 153,000 sf (26%) in March 2026. Ramp’s lease was previously extended through May 2039, approximately 10 years beyond the April 2029 scheduled maturity of the $155 million whole loan. The loan is secured by a 578,105 sf mixed-use office and retail property in Manhattan’s Flatiron District. Learn more: kbra.com/analytics/products/…

The proposed sale of Hughes Center Las Vegas (COMM 2018-HCLV) to Borden Industries, which was previously reported in an August 3 Credit Alert, has fallen through after the property was placed under contract earlier this year. The $325 million loan is secured by the 1.5 million sf mixed-use campus comprising nine office and nine retail properties in Las Vegas, Nevada. The center has been in receivership since July 2024 following the loan’s transfer to special servicing in March 2023 and subsequent September 2023 maturity default. Occupancy was 43% as of December 2025, down from 74% at issuance. Learn more: kbra.com/analytics/products/…

The $33.3 million Sedona Springs loan (FREMF 2023-K158) became 30 days delinquent in October 2026, with cumulative interest advances totaling approximately $278,000. The loan is secured by a 408-unit multifamily property in Tucson, Arizona. The delinquency follows a period of deteriorating collateral performance, with occupancy falling to 75% as of June 2026 from 83% at year-end 2024, while the DSCR declined to 0.83 from 1.34 over the same period. As previously highlighted in a September 8 credit alert, the Arizona Attorney General filed a lawsuit against the property’s owners and managers alleging habitability and maintenance issues. Subsequent reporting indicated that tenant complaints persisted following the filing of the lawsuit. Learn more: kbra.com/analytics/products/…

Three hotels securing the $161.5 million REO PFHP Portfolio (CSMC 2017-PFHP) were sold to Hanuman ORD Inc. in September 2026 for a combined $19.4 million in proceeds and released from the trust in October 2026. The sales included the 132-key SpringHill Suites Schaumburg for $4.2 million ($31,667/key), the 125-key Residence Inn Schaumburg for $4.2 million ($33,440/key), and the 162-key Courtyard Schaumburg for $11.0 million ($67,901/key). The releases resulted in a $17 million principal curtailment. The portfolio, originally comprising 20 hotels totaling 2,461 keys across six states, now consists of seven hotels totaling 951 keys, all of which were under contract for sale as of October 2026, according to servicer commentary. Learn more: kbra.com/analytics/products/…

The REO 210,774 sf suburban office Park Plaza asset (COMM 2013-CR13) in Naperville, Illinois, is scheduled for auction in November 2026. Following foreclosure in April 2026, special servicer, LNR Partners, engaged Colliers to market the 17% occupied property at 215 Shuman Boulevard. The property is being marketed for potential redevelopment, including demolition and conversion to alternative uses such as residential or other non-office purposes. Learn more: kbra.com/analytics/products/…

The latest KCP Monthly Insights explores October’s biggest CMBS stories, including rising operating costs for NYC multifamily properties, hurricane-related exposure, and ongoing refinancing challenges. Read the October 2026 report below and subscribe for the latest KCP research. lnkd.in/p/e_NmUm4H

The GENIUS Act has accelerated a new stablecoin regulatory framework across banking. From NCUA and OCC rulemaking to live bank pilots and national trust charters, KFI highlights 10 developments bank and credit union leaders should be watching. Read the latest KBRA Financial Intelligence (KFI) analysis of 10 recent stablecoin developments across the banking industry that executives seeking to dive deeper into the market should be aware of for planning the right approach. kbra.com/analytics/products/… #Banking #Stablecoins #GENIUSAct #DigitalAssets #KFI

The $28.5 million Riverside Center loan (JPMDB 2016-C4) transferred to special servicing after failing to pay off at maturity in October 2026. The collateral is a 272,596 sf, three building office complex in La Crosse, Wisconsin. The single tenant, United Healthcare Services, Inc., formerly occupied 100% of all three buildings but vacated one building, 332 Front Street (34% of GLA), following the July 2025 lease expiration. The tenant's remaining lease (66%) expires in July 2028. The borrower is currently marketing the three buildings for sale at a combined asking price of $36 million ($132/sf). KCP identified the loan as a K-LOC in September 2023 due to tenant rollover concerns. Learn more: kbra.com/analytics/products/…

KBRA Credit Profile (KCP) is featured in the latest Commercial Mortgage Alert, highlighting improved CRE CLO distress metrics in September as new issuance, distressed loan resolutions, and deal redemptions helped bring rates down. Office remained an exception, with delinquencies rising 37 bps to 14.30%. Read the full article on Green Street or explore more at kbra.com/analytics/products/… #KCP #GreenStreetCommercialMortgageAlert #CRECLO #insights

In securitized markets, year-to-date (YTD) private label commercial mortgage-backed securities (CMBS) issuance through October 16 reached $108.1 billion, ahead of the $99.7 billion recorded over the same period last year. Commercial real estate (CRE) collateralized loan obligation (CLO) issuance also remains active, reaching $38 billion YTD, up from $23.1 billion over the same period in 2025. Learn more: kbra.com/analytics/products/…

The $205.4 million 2400 Market loan (COMM 2021-2400) transferred to special servicing ahead of its December 2026 maturity. The loan is secured by a 592,476 sf class A office and retail property in Philadelphia, Pennsylvania. According to servicer commentary, the borrower engaged CBRE to market the property for sale and requested a 150-day extension through May 8, 2027, as it does not anticipate completing the sale in time to repay the loan at maturity. The borrower has exhausted its three contractual extension options, and the current workout strategy is loan modification. The transfer follows a recently reported JPMorgan Chase sublease at the property, as detailed in our October 15 Credit Alert. Learn more: kbra.com/analytics/products/…

The $517.7 million Blackjack Portfolio loan (BX 2021-21M) transferred to special servicing in October, with special servicer commentary indicating that a three-month forbearance agreement was finalized to provide additional time to complete pending asset sales. The loan reached its October 2026 maturity and was reported as matured performing. The remaining collateral consists of six multifamily properties totaling 1,842 units following the release of Lakeside Villas, which resulted in a $51.6 million principal curtailment this month. At issuance, the portfolio comprised 21 multifamily properties totaling 6,671 units. Learn more: kbra.com/analytics/products/…