Press Release|CMBS
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KBRA Affirms Rating for BPR 2022-STAR

13 Aug 2025   |   New York

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KBRA affirms its outstanding rating for BPR 2022-STAR, a $290.0 million CMBS SASB transaction. The affirmation follows a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.

The transaction’s collateral is a non-recourse, first-lien mortgage loan with an outstanding balance of $290.0 million as of August 2025. The loan is collateralized by the borrower’s fee simple interest in 728,314 sf of North Star Mall, a 1.25 million sf super-regional mall located seven miles north of the San Antonio CBD. The floating-rate, interest-only loan has an initial term of two years plus three one-year extension options. The loan’s initial maturity date was August 9, 2024, but the sponsor exercised its first extension option, extending the loan to August 9, 2025. As of the most recent servicer reporting, the borrower has not indicated whether they intend to refinance or exercise the second extension option, which would extend the loan through August 2026.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $36.1 million and a KBRA value of $425.2 million ($584 per sf). The resulting in-trust KLTV is 68.2%, compared to 68.6% at last review and 70.4% at securitization. KBRA maintains a KPO of Perform.

To access ratings and relevant documents, click here.

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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.

Doc ID: 1010799