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KBRA Affirms All Outstanding Ratings for JPMCC 2012-WLDN

5 Feb 2026   |   New York

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KBRA affirms all its outstanding ratings for JPMCC 2012-WLDN, a $198.9 million CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited performance generally in line with KBRA’s since last ratings change in February 2024.

The transaction collateral is a single, non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in 1.2 million sf of Walden Galleria, a 1.6 million sf super-regional mall. The property is located in Cheektowaga, New York, 10 miles northeast of the Buffalo CBD. The fixed-rate, interest-only loan has an outstanding balance of $198.9 million ($169 per sf) as of January 2026, a $23.9 million reduction in principal balance from $222.8 million ($189 per sf) as of January 2025. The sponsor of the loan is Pyramid Companies, a privately held real estate development company headquartered in Syracuse, New York.

The loan, originally scheduled to mature in May 2022, was modified to extend the maturity date to May 2025. After the loan failed to pay off at maturity, the lender initiated foreclosure, and a receiver was appointed in June 2025. Notwithstanding the appointment of a receiver, the borrower continues to operate the property under an Agreed Stipulation Order. Although the borrower proposed payoff dates in October and December 2025, a refinancing was not obtained. Per the servicer, the borrower has since been granted an additional extension through February 20, 2026.

The May 1, 2025 maturity date represents the final extension maturity date of the loan. The loan documents specify that in no event may the servicer or the special servicer permit an extension of the maturity date beyond the date that is five years prior to the rated final distribution Date of May 1, 2030. If the loan is not paid off or resolved by the May 2030 date, KBRA will lower its ratings to D (sf).

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $19.7 million and a KBRA value of $164.3 million ($139 per sf), a change from $19.4 million and $161.4 million ($137 per sf), respectively, at last review. As a result of a principal paydown during the review period, the resulting in-trust KLTV has decreased to 121.1%, compared to 138.0% at last review and 65.1% at securitization. KBRA maintains the loan’s K-LOC designation and its KPO of Underperform given its foreclosure status with the special servicer.

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.

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