KBRA Downgrades Five Ratings and Affirms One Rating for WFRBS 2014-C22
23 Jul 2026 | New York
KBRA downgrades the ratings of five classes and affirms one rating for WFRBS 2014-C22. Simultaneously, KBRA removes three ratings from Watch Downgrade (DN) where they were placed on January 26, 2026, due to an increase in interest shortfalls. The CMBS transaction has been reduced to five loans with a balance of $254.4 million from 129 loans and $1.5 billion at securitization. All of the remaining loans have been identified as KBRA Loans of Concern (K-LOCs).
The rating actions are based on KBRA’s expected resolutions of the remaining loans, as well as the recent liquidation of Bank of America Plaza. On June 16, 2026, Bank of America Plaza ($150.0 million trust balance, $400.0 million whole loan) sold to Capital Group for $210.0 million and the July 2026 remittance reflected an $84.1 million principal recovery and $65.9 million realized loss, impacting Class E and below. In addition, the interest shortfalls affecting classes A-S and B were recovered.
As of the July 2026 remittance, the remaining five K-LOCs are specially serviced and our estimated losses of $86.9 million, if realized, would impact classes D and below. Current interest shortfalls are affecting classes C and below, and it is likely that interest shortfalls could reach higher in the capital structure during the resolution of the assets due to non-recoverability determinations of three of the five remaining assets. The details of these assets are outlined below.
Columbus Square Portfolio ($111.4 million, 43.8%, K-LOC, Specially Serviced, 90+ Days Delinquent)
- The loan is collateralized by five condominium buildings that contain retail, community facility and parking garage space located on the Upper West Side of New York City. The collateral contains a total of 494,224 sf within 31 commercial condominium units and consists of 19.9% of ground floor retail space, 36.0% of lower-level retail space, 22.2% of community facility space, and 21.9% of leased parking garage space at three locations with a total capacity for 392 vehicles.
- The loan transferred to the special servicer in December 2023 due to imminent maturity default. The loan returned to the master servicer in July 2024 following a modification that closed in March 2024, which extended the loan's term by three years to August 2027. A foreclosure complaint was filed in January 2026 and a receiver appointed in February 2026. As of the July 2026 remittance, the loan is reported as 90+ days delinquent and carries $6.5 million in outstanding P&I advances and $3.8 million in nonrecoverable interest.
- The servicer reported an occupancy and DSC of 99.0% and 1.16x for the three months ending March 2025. Based on the May 2026 rent roll, the property is 89.1% leased compared to 97.9% at last review and 95.7% at issuance. An updated appraisal dated January 2026, valued the asset at $346.7 million ($702 per sf), which represents a 37.5% decline from its $555.0 million value ($1,123 per sf) at issuance. As of July 2026, the whole loan has an ARA of $49.9 million, of which the WFRBS 2014-C22 transaction was assigned $15.6 million and an ASER amount of $379,789 was reported.
- KBRA's analysis resulted in an estimated loss of $80.3 million on a whole loan balance of $356.5 million (22.5% estimated loss severity), of which $25.1 million of the estimated loss is allocated to this trust. The loss is based on a KBRA liquidation value of $288.3 million ($588 per sf) and projected total exposure of $368.6 million. The value was derived from a direct capitalization approach using a KNCF of $22.3 million and a capitalization rate of 7.75%.
Stamford Plaza Portfolio ($89.1 million, 35.0%, K-LOC, Specially Serviced, Non-Performing Matured)
- The loan is collateralized by a 982,483 sf, high-rise office campus located in downtown Stamford, Connecticut, approximately 40 miles northeast of New York City. The subject is comprised of four 15- and 16-story buildings developed between 1979 and 1986 and renovated between 1993 and 1996.
- The loan transferred to the special servicer in August 2024 when it failed to pay off at maturity. The loan is currently in cash management and the borrower has engaged a workout advisor while the special servicer evaluates workout options, including foreclosure. The portfolio is located within the Bridgeport-Stamford-Norwalk MSA which benefits from its proximity to New York City; however, the property has seen a downturn in leasing activity since 2017. According to REIS, the Stamford CBD submarket vacancy rate is 33.1% as of Q4 2025. Based on the December 2025 rent roll, the property is 65.6% leased, compared to 62.8% at last review and 88.0% at issuance. Lease rollover at the property through YE 2027, inclusive of MTM leases, represents 26.1% of base rent and 17.1% of collateral sf across 32 leases.
- The servicer reported an occupancy and DSC of 67.0% and 0.61x for the FY 2025. An updated appraisal dated October 2024, valued the asset at $150.7 million ($88 per sf), which represents a 64.7% decline from its $427.2 million value ($153 per sf) at issuance. As a result, the asset carries an aggregate ARA of $123.6 million on the whole loan balance, of which $45.8 million is attributable to the WFRBS 2014-C22 securitization. The ARA for this transaction resulted in a cumulative ASER of $441,701. The whole loan has accumulated $6.8 million in nonrecoverable interest.
- KBRA’s analysis resulted in an estimated loss of $160.7 million (66.8% estimated loss severity) on the whole loan balance of $240.6 million, of which $59.5 million of the estimated loss is allocated to this trust. The loss is based on a KBRA liquidation value of $87.3 million ($89 per sf) and projected total exposure of $248.0 million. The value was derived from a direct capitalization approach using a KNCF of $7.9 million and a capitalization rate of 9.00%.
Offices at Broadway Station ($46.8 million, 18.4%, K-LOC, Specially Serviced, Current)
- The loan is collateralized by the borrower’s fee interest in a 318,053 sf office complex located in Denver, Colorado, approximately three miles south of the city’s CBD. The subject was developed on a 6.5-acre site, with two four-story office buildings built in 1903 and 1984; it was renovated in 2006. A four-level parking structure was developed in 2009 that contains 733 spaces.
- The loan transferred to the special servicer for imminent maturity default in April 2024 and failed to pay off at its scheduled August 2024 maturity. A modification was executed in December 2025 bringing the loan current and extending the maturity through August 2026. As of the March 2026 rent roll, the portfolio is 82.2% leased, compared to 82.2% at last review and 94.7% at issuance. Additional rollover risk is minimal until 2029 when leases generating 42.8% of base rent will expire.
- The servicer reported an occupancy and DSC of 82.0% and 2.89x for the three months ending March 2026. The subject was reappraised for $57.1 million ($180 per sf) in May 2024, which is 25.7% below the $76.8 million ($241 per sf) value at issuance.
- KBRA's analysis resulted in an estimated loss of $3.4 million on the loan balance of $46.8 million (7.2% estimated loss severity). The loss is based on a KBRA liquidation value of $45.7 million ($144 per sf) and a projected total exposure of $49.1 million. The value is derived from a direct capitalization approach using a KNCF of $4.3 million and a capitalization rate of 9.50%.
The remaining two loans have a combined outstanding principal balance of $7.1 million (2.8%) and do not have estimated losses at this time.
Details concerning the affirmation and removal from watch downgrade:
- Class A-S to AAA (sf) from AAA (sf) DN
Details concerning the classes with a rating change are as follows:
- Class B to BBB- (sf) from A (sf) DN
- Class C to B (sf) from BB (sf) DN
- Class D to C (sf) from CC (sf)
- Class E to D (sf) from C (sf)
- Class F to D (sf) from 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.