KBRA Places Four Ratings for GSMS 2014-GC22 on Watch Downgrade

KBRA places the ratings of four classes of certificates for GSMS 2014-GC22, a CMBS conduit transaction, on Watch Downgrade (DN).

The Watch placements are based on an increase in interest shortfalls and non-recoverable interest from four of the pool's five remaining assets. Currently, interest shortfalls are affecting up to and including the Class A-S certificates. KBRA considered the likelihood of interest shortfalls continuing during the resolution of the specially serviced assets.

As of the November 2025 remittance period, five assets remain in the pool, all of which have been identified as K-LOCs. The largest loan, Maine Mall (33.2% of pool balance), was modified in August 2025 and its maturity date was extended through July 2028. The remaining four loans (66.8%) are specially serviced and have been deemed non-recoverable by the servicer. Three of the specially serviced assets (61.3%) are REO and one asset (5.5%) is in foreclosure.

KBRA will continue to monitor the transaction and the underlying loans' performance and will seek to resolve or update the Watch Downgrade status within 90 days.

Details concerning the classes with ratings placed on Watch are as follows:

To access ratings and relevant documents, click here.

Related Publication

Methodologies