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KBRA Downgrades One Rating and Affirms All Other Ratings for CSAIL 2015-C1

16 Jan 2026   |   New York

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KBRA downgrades the rating of one class of certificates, Class D, and affirms all other outstanding ratings for CSAIL 2015-C1, a $221.9 million CMBS conduit transaction, which has six assets remaining in the underlying mortgage pool. The ratings actions follow a surveillance review of the transaction and are based on the performance and expected recovery of the pool’s remaining loans.

As of the December 2025 remittance period, four (55.1% of the pool balance) of the six remaining loans are specially serviced, including two assets (43.8%) in foreclosure. KBRA identified all six remaining loans as K-LOCs. Of the K-LOCs, two (43.8%) have estimated losses, which are higher than KBRA’s last ratings changes in January 2025. The details of the remaining assets are outlined below.

500 Fifth Avenue (largest, 42.9%)

  • The loan is collateralized by a 712,791 sf, Class-B office property located in Midtown Manhattan. The 59-story building was developed on a 0.5-acre site in 1931 and was designated a New York City Landmark in 2010.
  • KBRA maintains the loan’s K-LOC designation based on its prior status with the special servicer. The loan was previously transferred to the special servicer in June 2024, prior to its maturity default in October. The trust and borrower subsequently entered into a six-month forbearance agreement through April 2025. Following the forbearance period, the loan returned to the master servicer in May 2025, and the borrower elected to exercise a two-year maturity extension option through April 2027. The two-year extension option required principal curtailments, which totaled $9.8 million through December 2025. According to the September 2025 rent roll and additional leasing updates, the property was 87.4% leased.
  • The servicer-reported occupancies and DSCs are: 82.0% / 2.02x (YTD September 2025), 80.0% / 2.56x (FY 2024); at closing these were 92.3% / 3.37x. The most recent appraisal dated August 2024 valued the asset at $273.8 million ($384 per sf), which is 54.4% below the $600.0 million ($842 per sf) appraisal value at issuance. At this time, KBRA does not estimate a loss on this asset, which has a whole loan balance of $190.2 million.

Westfield Trumbull (2nd largest, 34.8%, Specially Serviced, Foreclosure)

  • The loan is collateralized by a 1.1 million sf, two-story, enclosed regional mall located in Trumbull, Connecticut, approximately 20 miles northeast of the Stamford CBD. The mall has four anchor boxes, comprising Macy’s (18.6% of collateral sf), Target (17.0%; ground lease), JCPenney (13.2%, ground lease), and a vacant 118,000 sf box formerly occupied by Lord & Taylor (10.3%, ground lease). The borrower sponsor for the loan is Namdar Realty Group, which acquired the collateral from Unibail-Rodamco-Westfield (URW) through a multi-asset sale in December 2022. According to Green Street, the mall has a Mall Quality Grade of B.
  • KBRA maintains the loan’s K-LOC designation based on its maturity default and subsequent transfer to special servicing in March 2025. Foreclosure was filed in May and a receiver for the property was appointed in June. The receiver has been given consent to market the property for sale. According to the July 2025 rent roll, the collateral was 77.4% leased. Since last review, Apple (formerly the third-largest tenant accounting for 5.0% of total base rent) executed a three-year lease extension; however, Apple’s base rent declined by approximately 67.6% and the tenant now only accounts for 1.9% of total base rent.
  • The servicer-reported occupancies and DSCs are: 97.0% / 1.83x (YTD September 2024), 94.0% / 2.16x (FY 2023); at closing these were 97.7% / 2.73x. An updated appraisal has not been reported for the asset since its transfer to the special servicer; however, an aggregate ARA of $38.1 million was effectuated in September 2025, which is equal to 25.0% of the outstanding whole loan balance. As a result, the cumulative ASER for this transaction totaled $248,147. KBRA’s analysis resulted in an estimated loss of $100.8 million (66.2% estimated loss severity) on the whole loan balance of $152.3 million. The estimated loss is based on a KBRA liquidation value of $56.1 million ($49 per sf), which considers the potential for a protracted workout period and a distressed non-stabilized disposition of the asset.

St. Louis Premium Outlets (3rd largest, 10.1%, Specially Serviced)

  • The loan is collateralized by a 351,462 sf, open-air outlet center located in Chesterfield, Missouri, approximately 24 miles west of the St. Louis CBD. The property was developed in 2013 by the sponsor, Simon Property Group, and has a Green Street Mall Quality Grade of A-.
  • KBRA maintains the loan’s K-LOC designation due to its status with the special servicer after failing to pay off at its October 2024 maturity date. The loan was modified in December 2024, resulting in a 12-month forbearance through October 2025 with additional maturity extension options. Following the forbearance period, the loan’s maturity was extended to October 2027 concurrent with a principal curtailment. The loan is being monitored by the special servicer for a return to the master servicer.
  • The servicer reported occupancies and DSCs are: 88.0% / 1.70x (YTD March 2025), 87.0% / 1.67x (FY 2024); at closing these were 100% / 1.41x. An updated appraisal dated July 2025 valued the collateral at $102.6 million ($292 per sf), which is 22.6% below the $132.6 million ($377 per sf) value at issuance. At this time, KBRA does not estimate a loss on this asset, which has a whole loan balance of $82.0 million.

Bayshore Mall (4th largest, 9.1%, Specially Serviced, Foreclosure)

  • The loan is collateralized by a 575,148 sf, single-story, enclosed regional mall located in Eureka, California, approximately 270 miles north of San Francisco. The property is anchored by Walmart (14.2% of collateral sf) and Kohl’s (non-collateral). The largest anchor box formerly occupied by Sears (17.0%), which vacated the subject at its November 2019 lease expiration, remains vacant. The borrower sponsor for the loan is Brookfield Property Partners. The Bayshore Mall has a Green Street Mall Grade of C+ and its closest competitor, Mt. Shasta Mall (Grade B), is located 97 miles away.
  • KBRA maintains the loan’s K-LOC designation due to its status with the special servicer. The loan transferred to the special servicer in November 2024 due to maturity default. The loan previously transferred to special servicing in November 2020 due to pandemic-related hardships but returned to the master servicer in August 2022. During the loan’s prior stay with the special servicer, the borrower had expressed interest in conveying the property to the lender. The special servicer’s workout strategy is foreclosure, and a receiver has been in place since June 2025.
  • The servicer-reported occupancies and DSCs are: N/A / 0.96x (YTD March 2025), 62.0% / 0.98x (FY 2023); at closing these were 82.2% / 1.62x. An appraisal dated December 2024 valued the asset at $14.5 million ($28 per sf), which is 79.0% below the $69.0 million ($137 per sf) value at issuance. KBRA's analysis resulted in an estimated loss of $26.7 million (67.1% estimated loss severity) on the whole loan balance of $39.7 million. The loss is based on a KBRA liquidation value of $14.5 million ($28 per sf), which aligns with the most recent appraisal value.

The remaining two assets account for 3.2% of the pool balance:

  • Hampton Inn Lincoln South Heritage Park (5th largest, 2.0%) is collateralized by a 76-key limited-service hotel located in Lincoln, Nebraska. KBRA identified the loan as a K-LOC based on its prior status with the special servicer. The loan previously transferred to the special servicer in June 2020 due to pandemic-related hardships. The loan was assumed in September 2022 and loan maturity was extended two years to December 2026 before the loan was returned to the master servicer in November 2022. At this time, KBRA does not estimate a loss on this asset, which has a loan balance of $4.5 million.
  • Gulfstream Manor MHP (6th largest, 1.1%, Matured Non-Performing) is collateralized by a 226-pad manufactured housing community located in Lake Charles, Louisiana. KBRA identified the loan as a K-LOC based on its transfer to the special servicer in November 2024 due to imminent maturity default. The special servicer initiated the foreclosure process in July 2025; however, the borrower filed for bankruptcy in October, indefinitely prolonging the workout. At this time, KBRA does not estimate a loss on this asset, which has a loan balance of $2.5 million.

Details concerning the class with a rating change are as follows:

  • Class D to CCC (sf) from B (sf)

Details concerning the ratings affirmations are as follows:

  • Class B at AA- (sf)
  • Class C at BBB (sf)
  • Class E at CC (sf)
  • Class F at C (sf)

Rating Sensitivities

Future rating actions will be dependent upon the ongoing assessment of the timing and likelihood of ultimate payment of principal and accrued interest on the rated certificates. The assessment will consider the expected and actual losses on the remaining assets in the transaction, as well as the magnitude and extent of interest shortfalls, if any, on the certificates.

To access ratings and relevant documents, click here.

Related Publication

Methodologies

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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