Simon Property Group and Nuveen Real Estate are in the process of obtaining a $615 million mortgage loan to refinance a 1.1 million sf portion of the 1.7 million sf The Florida Mall (SPGN 2022-TFLM) in Orlando, FL. The debt would retire the existing CMBS loan, which matures in February 2026. The loan has one 12-month maturity extension option remaining. The new mortgage loan is expected to be collateral for the SPGN 2026-TFLM SASB, with a five-year term including extension options.

The owners of the 603-key Great Wolf Lodge Southern California (BANK 2019-BN17, multiple conduits) filed permits to add a new restaurant called Fireside. The filing appears to mark the kick off a planned $40 million renovation, as outlined in a 2024 restrictive covenant agreement with the city of Garden Grove. Under the agreement, the property owners are to renovate the resort with upgraded dining options, new “dry attractions,” updated rooms, and refreshed amenities in exchange for the city providing a 40% rebate on the property’s Transient Occupancy Tax (TOT), or "bed tax" over 10 years. The property owners agreed to a 15-year covenant ensuring the property remains a Great Wolf Lodge. Completion is expected in Q3 2026, with revenue-sharing payments beginning in 2026–2027.

In January 2026 Buckingham Doolittle & Burroughs announced plans to move its headquarters from 3800 Embassy Parkway (WFCM 2015-C28) in Fairlawn, Ohio, to the AES Building in Akron. At 3800 Embassy Parkway, it occupies 26% of GLA, making it the second-largest tenant. The firm’s lease expires in October 2026, and the move is expected to decrease occupancy at the property to 62%. The lease is expected to run for 10 years, with extension options, and the new space will be about 13% larger than its current footprint. Per a financial incentive letter from the city, if the tenant moved 70 or more employees to the AES Building, the firm is eligible to receive an annual development grant of $40,000 for five years. Additionally, the city is expected to provide a one-time relocation grant totaling $50,000.

According to sources, the GSK North American HQ (GSMS 2018-GS10, DBGS 2018-C1), a 207,779-sf class A office property in Philadelphia, PA, was sold for $52 million ($250/sf) to the Eastern Atlantic States Regional Council of Carpenters. The price was in line with KCP’s concluded value of $52.3 million, which has been in place since May 2024. The loan transferred to special servicing in November 2022 and later defaulted at its June 2023 maturity, following the announced termination of the in-place GSK lease, which was scheduled to expire in September 2028. December 2025 special servicer commentary reported that the lender had received the recorded deed and the asset was REO.

The KBRA Loan of Concern (K-LOC) Index was 27.32% in November 2025, up from 27.02% in October 2025. We identified 98 new loans ($1.91 billion) as K-LOCs in our conduit CMBS coverage universe in November. Conversely, we removed the K-LOC designation from 110 loans ($1.44 billion), including 15 ($262.4 million) that were liquidated in November.

The K-LOC Index for November 2025 is a composite of 3,210 K-LOCs with an aggregate unpaid principal balance (UPB) of $83.12 billion across 523 conduit transactions.

The five-year, $355 million Orion Office Portfolio loan (WFCM 2022-ONL) transferred to special servicing due to imminent monetary default, despite remaining current in payment as of December 2025. The borrower has submitted a modification proposal that would extend the loan past its maturity date in February 2027. The loan is secured by the borrower’s fee and leasehold interests in 19 single-asset office and mixed-use properties across 13 states totaling 2.1 million sf. The portfolio primarily consists of class A office buildings averaging 110,000 sf and 20 years of age. The portfolio was 91% occupied as of September 2025 compared to 100% in 2023 and 2024.

In December 2025, 177 non-defeased loans ($2.75 billion) matured, of which 46.85% (58 loans; $1.29 billion) by unpaid principal balance (UPB) defaulted at maturity. The default rate for loans collateralized by office was 78.5%, followed by multifamily (42.98%), retail (41.6%), and lodging (12.6%). The paid off cohort comprises 119 loans ($1.46 billion) with December maturities, including 55 ($680.8 million) that paid off ahead of schedule.

Total payoffs in December, irrespective of original maturity date and excluding liquidations, amounted to $1.81 billion, including 28 loans ($244.7 million) that were previously defeased. Another 47 loans ($627.7 million) paid off ahead of their future scheduled maturities. Meanwhile, 16 loans with an aggregate UPB of $155 million were paid off late, but within 90 days of their scheduled maturity.

In December, the Solomon Pond Mall (MSBAM 2013-C7) was sold at a receivership sale for $8.5 million ($21/sf), well below the remaining loan balance of $81.7 million ($205/sf). The collateral is comprised of 399,266 sf of an 884,758-sf super-regional mall in Marlborough, MA. The loan was initially transferred to the special servicer in June 2020 and failed to pay off at its November 2022 maturity date. A receiver was appointed in September 2021, and the property was marketed for sale throughout 2025.

SL Green plans to sell $2.5 billion in stakes across multiple of its properties, including, in the CMBS universe, a 25% stake in 245 Park Avenue (PRKAV 2017-245P, multiple conduits). This news comes ahead of the loan’s scheduled maturity in June 2027, with the total financing package comprising $1.08 billion in A notes, $120 million in B notes, and $568 million in mezzanine financing. SL Green initially acquired 245 Park Avenue and assumed the loan in September 2022 following bankruptcy proceedings with HNA Group, the prior borrower. SL Green initiated a $171.4 million renovation plan upon acquisition and subsequently sold a 49.9% stake in the property to a U.S. affiliate of Mori Trust Co. Ltd., which was previously highlighted in a June 2023 credit alert. After the renovation, occupancy increased to 93% as of September 2025 from 75% in December 2023.

Per December investor reporting, the Altamonte Mall (MSC 2013-ALTM) received a June 2025 appraisal value of $169 million ($266/sf), in line with KCP’s concluded value since January and representing a notable decline from the $275 million ($429/sf) value at issuance. The loan, secured by a 641,199-sf portion of the 1.2 million-sf superregional mall, transferred to special servicing in February 2025 after failing to pay off at maturity. Refinancing efforts have been unsuccessful, and the special servicer continues to dual track a workout with the borrower while pursuing foreclosure.