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KBRA Affirms All Ratings for GSMS 2015-GS1

31 Jul 2025   |   New York

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KBRA affirms the ratings of its outstanding ratings for GSMS 2015-GS1, a $617.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction and are based on the performance and expected recovery of the transaction’s remaining 24 non-defeased assets (86.1% of the pool balance), which have not meaningfully changed since KBRA's last ratings change in August 2024.

As of the July 2025 remittance period, there are four specially serviced assets (15.4%), including two (2.6%) that are REO,and one (4.6%) that is 90+ days delinquent. KBRA identified nine K-LOCs (53.2%), including the specially serviced assets. Of the K-LOCs, six (29.4%) have estimated losses. The K-LOCs are displayed in the table below.

K-LOCs Loss Given Default (000s) Loss Severity 1 590 Madison Avenue OF 100,000 16.2% N C N Maturity 05/30/2024 - - 2 South Plains Mall RT 70,000 11.3% N C N Tenant Issues 09/28/2020 $9,380 13.4% 5 Glenbrook Square RT 51,362 8.3% Y C N Specially Serviced 02/28/2017 $25,762 50.2% 6 Hammons Hotel Portfolio LO 42,096 6.8% N C Y Modification 05/27/2020 - - 7 Deerfield Crossing OF 28,183 4.6% Y 90+ N Specially Serviced 04/07/2021 $17,343 61.5% 14 Lake Forest Place OF 16,352 2.6% N C N Occupancy 08/07/2019 $4,466 27.3% 16 Latham Crossing & Crossroads Plaza RT 13,375 2.2% Y REO N REO 04/08/2020 $4,671 34.9% 31 1300 West Belmont OF 4,759 0.8% N C N Lease Rollover 06/03/2025 - - 38 CVS Homosassa RT 2,476 0.4% Y REO N REO 09/19/2023 $979 39.5% Total K-LOCs $328,603 53.2% $62,600 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 84.1%, compared to 91.1% at last ratings change and 96.7% at securitization. The KDSC is 1.83x, compared to 1.81x at last ratings change and 1.89x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

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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