Macy’s, Inc. (Macy’s) disclosed plans in January to close 14 stores as part of its ongoing Bold New Chapter initiative, which aims to refine the company’s physical retail footprint and reallocate capital toward higher-performing locations as well as digital channels. KBRA Credit Profile (KCP), a division of KBRA Analytics, identified three properties - $195.1 million by allocated loan amount (ALA)—that collateralize three loans in five commercial mortgage-backed securities (CMBS) deals with exposure to a Macy’s store on the latest closure list.

The Houston, TX office property securing the $31.2 million 1001 McKinney loan (BMARK 2023-V3) is being marketed for sale through JLL. The collateral is a 375,440-sf downtown office building that was 77% occupied as of December 2025, with a weighted average lease term of 6.3 years. Leasing activity totaled 210,786 sf (56% of GLA) between 2022 and 2025, contributing to improved performance. Since 2018, ownership has reportedly invested approximately $16.8 million ($45/sf) in capital improvements and repairs, the bulk of which was directed toward interior upgrades.

The Hong Kong Monetary Authority is selling its sub-50% interest in 101 California Street (CALI 2019-101C, GSMS 2019-GC39, GSMS 2019-GC40, BMARK 2019-B11, BMARK 2019-B10) to DivcoWest at an implied valuation of $975 million ($757/sf). The 1.3 million-sf class A office property in San Francisco, CA, serves as collateral for the $755 million loan maturing in March 2029. GIC of Singapore is expected to remain an equity partner in the asset, with Hines remaining as the operating partner with a minority ownership position. The transaction represents a discount from the appraisal value of $1.46 billion ($1,171/sf) at issuance.

Saks Global Holdings LLC, the parent company of Saks Fifth Avenue, Saks OFF 5TH, Bergdorf Goodman, Neiman Marcus, and Neiman Marcus Last Call, filed for Chapter 11 bankruptcy protection on January 13, 2026. In the U.S., Saks Global operates approximately 170 locations across its four brands. KBRA Credit Profile (KCP) analyzed its commercial mortgage-backed securities (CMBS) coverage universe and identified 54 properties collateralizing 46 loans—$19.1 billion by allocated loan amount (ALA)—across 111 transactions with exposure to at least one Saks Global brand as either a collateral or non-collateral tenant.

The collateral securing the $38.9 million Park Square Portland loan (CD 2016-CD2) sold in December 2025 for $13.8 million ($46/sf) to VERH Park Square, LLC. The property is a 295,768-sf office complex in the Portland, OR CBD and was with the special servicer since May 2024 following the loss of the collateral's largest tenant, Regence BlueCross BlueShield of Utah (63%).

The Embassy Corporate Park loan (CGCMT 2016-GC36) secured by seven office properties totaling 399,214 sf in Fairlawn and Canton, OH, failed to pay off at its January 2026 maturity. However, a payoff is likely to occur in the next few months as the borrower secures financing. Portfolio occupancy was 68% as of September 2025, down from 79% in December 2024.

The $535.6 million Starwood Capital Group Hotel Portfolio loan (DBJPM 2017-C6, multiple conduits) had its workout strategy updated to full payoff, as reflected in the January investor reporting package. The loan transferred to special servicing in February 2025 due to imminent monetary default. A September 2025 modification agreement permitted the expedited sale of underperforming assets and included changes to property release provisions, cash management terms, and other loan terms. At issuance, the loan was secured by 65 hotels totaling 6,366 keys.

American Signature Inc. (American Signature Furniture and Value City Furniture) filed for Chapter 11 in November 2025 and ultimately announced plans to wind down operations and close all stores on January 9. KBRA Credit Profile (KCP) reviewed its commercial mortgage-backed securities (CMBS) coverage and identified 15 properties securing 15 loans—$743.6 million by allocated loan amount—across 24 transactions that have exposure to American Signature or Value City Furniture tenancies.

Macy’s, a non-collateral anchor at Providence Place Mall (DBUBS 2011-LC3A), was previously expected to vacate the property amid the retailer’s nationwide store closure program. However, December special servicer commentary indicates that the receiver negotiated a lease amendment with Macy’s extending the tenancy through March 2030, preserving the mall’s primary anchor. The update follows the September 2025 court-approved sale listing of the 981,000-sf collateral portion of the 1.3 million-sf super-regional mall. The $41 million loan failed to pay off at its extended May 2024 maturity and has been under receivership since November 2024.

Natixis has executed a 15-year lease for 203,000 sf (8% of GLA) at 1633 Broadway (BWAY 2019-1633, multiple conduits), with plans to move its headquarters from 1251 Avenue of the Americas beginning in April 2026. The lease carries a starting rent of $71.50/sf at the 48-story, 2.6 million-sf office building located in Theatre District/Times Square submarket in Midtown Manhattan. The property securing the $1.25 billion loan was 93% occupied as of June 2025, and after the announced moveouts by Charter Communications (6% of GLA) and Showtime (10%), and factoring in the Natixis lease (8%), near-term occupancy is expected to fall to roughly 85%.