KBRA Affirms All Ratings for GSMS 2022-ECI
9 Aug 2024 | New York
KBRA affirms all outstanding ratings for GSMS 2022-ECI, a $520.0 million CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance.
The transaction collateral is a non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in 13 garden-style multifamily properties totaling 3,478 units located across four states. The floating rate loan has an initial two-year term with three one-year extension options and requires monthly interest-only payments based on one-month term SOFR. The loan sponsor is the ECI Group, an Atlanta, Georgia based multifamily owner/operator with over 6,000 multifamily units in the US Southeast and Texas. The loan’s initial maturity date is August 9, 2024. According to the July 2024 servicer reporting, the effectuation of the first maturity extension is currently in process.
The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $40.7 million and a KBRA value of $549.7 million ($158,059 per unit). The resulting in-trust KLTV is 94.6%, a change from 98.6% at last review, and 100.7% at securitization. KBRA maintains a KPO of Perform for the loan.
To access rating and relevant documents, click here.
Click here to view the report.