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KBRA Downgrades One Rating and Affirms All Other Ratings for COMM 2013-CCRE6

30 Jan 2026   |   New York

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KBRA downgrades the rating of one class of certificates and affirms all other outstanding ratings for COMM 2013-CCRE6, a $230.0 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which reflected an increase in KBRA’s estimated losses compared to KBRA’s last review. As of January 2026, the transaction is collateralized by two remaining assets. Pertinent details regarding each asset are outlined below.

Federal Center Plaza (56.5% of the pool balance, K-LOC, Specially Serviced, Current)

  • The asset consists of two adjoining eight-story, Class-B office buildings and a controlling interest in a connected subterranean 912-space parking garage located at 400 and 500 C Street SW in Washington, D.C.
  • KBRA maintains the loan's K-LOC designation and KPO of Underperform following its second transfer to the special servicer in November 2024 for imminent maturity default. The borrower informed the servicer that it would be unable to repay the loan by its February 2025 maturity date prior to the transfer. The lender and borrower subsequently entered a 12-month forbearance period in April 2025, which includes a one-time option to extend the maturity date to December 2027 to allow the borrower time to renew the lease for the primary tenant.
  • The majority of the building is leased to the GSA agency, FEMA, which leases 64.7% of the collateral sf and represents 95.7% of total base rent with a lease that expires in August 2027. The GSA tenant previously planned to relocate to a government-owned building; however, it appears the plans have been put on hold with the GSA citing "current market conditions" as the reason.
  • The servicer-reported occupancies and DSCs are: 68.0% / 2.20x (YTD September 2025); 74.0% / 2.47x (FY 2024); 74.0% / 2.12x (FY 2023); at closing these were 100% / 3.43x. An appraisal dated June 2025 valued the property at $170.0 million ($234 per sf), which is 45.0% below the $309.0 million ($426 per sf) value at issuance. KBRA’s analysis resulted in an estimated loss of $13.5 million (10.4% estimated loss severity). The loss is based on a KBRA liquidation value of $116.5 million ($161 per sf). The value is derived from a direct capitalization approach using a KNCF of $10.0 million, a capitalization rate of 9.25%, and an $8.3 million TI/LC reserve balance add-back.

The Avenues (43.5%, K-LOC, Specially Serviced, Current)

  • The loan is collateralized by the borrower's fee interest in 599,030 sf of a 1.1 million sf, two-story regional mall located in Jacksonville, Florida. At securitization, the anchors for the mall included Belk, Dillard’s, JCPenney, Sears and Forever 21; however, Sears closed in December 2019, ahead of its scheduled lease expiration date in September 2020. The former Sears site is collateral for this loan and remains vacant according to the June 2025 rent roll.
  • KBRA maintains the loan's K-LOC designation and KPO of Underperform due to its status with the special servicer. The loan transferred to the special servicer in December 2025 for imminent monetary default as the borrower informed the servicer it would be unable to repay the loan by its February 2026 maturity date. The servicer is in discussions with the borrower to develop a workout strategy; however, Simon Property Group introduced a non-core ‘other retail properties’ classification in 2020. While Simon does not publicly enumerate assets in this category, local reporting indicates that The Avenues was included among properties considered non-core. Additional local reporting indicates Simon is interested in redeveloping excess land at the site into alternative uses.
  • While collateral performance remains above breakeven, occupancy has trended downward following the loss of Sears in December 2019. Most recently, the tenant Forever 21 (116,298 sf; 19.4% collateral sf), vacated following its lease expiration in January 2026. Simon's plans for the former Forever 21 space include redevelopment as an indoor amusement park; however local reporting indicates the amusement tenant, Elev8 Fun, plans to purchase the former Forever 21 space instead of leasing it.
  • The servicer-reported occupancies and DSCs are: 45.0% / 3.10x (YTD September 2025); 66.0% / 3.28x (FY 2024); 65.0% / 3.13x (FY 2023); at closing these were 91.3% / 4.02x. An appraisal dated April 2023 valued the property at $166.0 million ($277 per sf), which is 32.0% below the $244.0 million ($407 per sf) value at issuance. KBRA’s analysis resulted in an estimated loss of $43.3 million (43.3% estimated loss severity). The loss is based on a KBRA liquidation value of $56.7 million ($95 per sf). The value is derived from a direct capitalization approach using a KNCF of $6.2 million and a capitalization rate of 11.00%.

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

  • Class E to B- (sf) from B (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 Publications

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.

Doc ID: 1013175