Press Release|CMBS

KBRA Affirms All Ratings for MSBAM 2012-CKSV

24 Sep 2026   |   New York

Contacts

KBRA affirms the ratings for MSBAM 2012-CKSV, a CMBS large loan transaction, which has only one loan remaining after the payoff of the Clackamas Town Center loan in August 2026. The affirmations follow a surveillance review of the transaction and reflect a KNCF and KBRA value of the collateral property for the remaining loan in the trust, Sunvalley Shopping Center (“Sunvalley”), which are relatively unchanged from KBRA’s last rating change in September 2025. In taking these actions, KBRA also considered ongoing interest shortfalls totaling $3.4 million, currently impacting classes B and below, while the special servicer works to resolve the loan, as well as estimated principal losses and recoveries from the collateral property.

The transaction collateral is a non-recourse, first lien mortgage loan secured by the fee simple and leasehold interests in 1.2 million sf of Sunvalley Shopping Center, a 1.4 million sf super-regional mall located in Concord, California. The loan’s sponsor is Simon Property Group, LP. As of the September 2026 reporting period, the loan has an outstanding balance of $128.3 million; there is a $68.7 million ARA, a cumulative ASER of $3.4 million, and outstanding P&I advances of $692,942. The loan matured in 2022 and the borrower was granted a 24-month extension through September 2024 and had one additional extension option to September 1, 2025. The loan transferred to the special servicer in April 2025 and there are no additional extension options available. According to the servicer, a receiver has been appointed to handle management and leasing.

The review utilized information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $9.0 million and a KBRA value of $64.3 million ($106 per sf). The resulting KLTV is 199.5%, a change from 203.8% at last review and 67.5% at securitization. Based on KBRA’s liquidation value of Sunvalley, there is an implied principal loss of $68.3 million to the trust. An appraisal dated June 2025 valued the asset at $71.9 million ($119 per sf), which is 79.5% below the $350.0 million value ($577 per sf) at issuance.

KBRA maintains the loan’s K-LOC status and KPO of Underperform because of the sponsor’s failure to pay off the debt at the original maturity date and the decline in the value of the mall since securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

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: 1017198