Press Release|CMBS
KBRA Affirms All Ratings for JPMBB 2014-C24
14 Aug 2026 | New York
KBRA affirms all of its outstanding ratings for JPMBB 2014-C24, a CMBS conduit transaction. The transaction has been reduced to ten assets with an aggregate balance of $390.5 million, from 54 loans totaling $1.3 billion at securitization. The rating actions are based on our analysis of all remaining assets, of which nine were identified as KBRA Loans of Concern (K-LOCs); our estimated losses of $145.1 million (which, if realized, would impact up to Class D certificates) and corresponding recoveries; realized losses totaling $8.0 million, which were allocated to class NR; and cumulative interest shortfalls of $19.9 million affecting class D certificates and below.
As of the July 2026 remittance period, nine (96.6% of the pool balance) loans are specially serviced, including three (31.8%) that are REO, two (2.8%) in foreclosure, and one that is 90+ days delinquent. Eight (95.8%) of the nine K-LOCs have estimated losses. The details of the remaining assets are outlined below.
Columbus Square Portfolio ($85.8 million, 22.0%, 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 JPMBB 2014-C24 transaction was assigned $12.0 million and an ASER amount of $379,789 was reported.
- KBRA's analysis resulted in an estimated loss of $80.6 million on a whole loan balance of $356.5 million (22.6% estimated loss severity), of which $19.4 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 $368.9 million. The value was derived from a direct capitalization approach using a KNCF of $22.3 million and a capitalization rate of 7.75%.
635 Madison Avenue ($82.8 million, 21.2%, K-LOC, Specially Serviced, REO)
- The asset is a 19-story, 177,262 sf, Class-A, mixed-use, office and retail building located on Madison Avenue and 59th Street in the Plaza District of Manhattan. Built in 1957 and renovated in 2005, the property includes 156,126 sf of office space as well as 21,136 sf of retail space.
- The loan transferred to the special servicer in August 2020 due to payment delinquency and the trust acquired title to the property in June 2024. As of the July 2026 remittance, the asset remains REO and is being marketed for sale by Newmark. JLL serves as the property manager and leasing agent.
- According to the May 2026 rent roll, the property was 52.5% leased, compared to 61.0% at last review and 94.4% at issuance. The servicer reported an occupancy and DSC of 57.0% and 1.67x for the FY 2025.
- An appraisal dated May 2025 valued the property at $75.1 million ($424 per sf), which is 61.5% below the $195.0 million ($1,100 per sf) appraisal value at issuance. Although the loan has an ARA of $25.7 million, there is no ASER associated with the loan. The asset was determined to be non-recoverable by the servicer in August 2024, resulting in cumulative non-recoverable interest of $6.4 million. KBRA’s analysis resulted in an estimated loss of $40.9 million (49.4% estimated loss severity). The estimated loss is based on a KBRA liquidation value of $49.5 million ($279 per sf) and projected total exposure equal to $90.4 million. The liquidation is derived from an income capitalization approach using KNCF of $3.7 million and a capitalization rate of 7.60%.
17 State Street ($75.0 million, 19.2%, K-LOC, Specially Serviced, Current)
- The loan is collateralized by a 42-story, 560,210 sf, Class-A office building located in downtown Manhattan. The property was developed on a 0.5-acre site in 1988 and was acquired by the sponsor in 1999.
- The loan transferred to the special servicer in August 2024 after failing to pay off at its original August 2024 maturity. The borrower was subsequently granted forbearance through a January 2025 modification, extending the maturity to January 2027 with one one-year extension option. The loan continues to perform under the forbearance agreement, with payments current through July 2026.
- According to the May 2026 rent roll, the property was 77.5% leased, compared to 68.5% at last review and 90.7% at issuance. Since last review, two top 10 tenants extended their leases (13.8% of total base rent, 10.2% of total sf). The servicer reported an occupancy and DSC of 74.0% and 1.03x for the FY 2025.
- An appraisal dated April 2026 valued the property at $210.0 million ($375 per sf), which is 35.4% below the $325.0 million ($580 per sf) appraisal value at issuance. KBRA's analysis resulted in an estimated loss of $15.9 million on a whole loan balance of $180.0 million (8.8% estimated loss severity), of which $6.6 million of the estimated loss is allocated to this trust. The estimated loss is based on a KBRA liquidation value of $169.6 million ($303 per sf) and projected total exposure of $185.5 million.
North Riverside Park Mall ($66.1 million, 16.9%, K-LOC, Specially Serviced)
- The loan is collateralized by a 429,038 sf portion of a 1.1 million sf regional mall located in North Riverside, Illinois, approximately nine miles west of the Chicago CBD. The mall is currently anchored by JCPenney, Round 1 Entertainment and Forman Mills, each of which are non-collateral tenants. Round 1 Entertainment and Forman Mills each took over a portion of the former Sears space. The non-collateral space previously occupied by Carson Pirie Scott (266,275 sf) has remained vacant since the tenant left in 2018. The sponsor of the borrower is The Feil Organization.
- The loan transferred to the special servicer in October 2024 after the borrower was unable to pay off the loan at its October 2024 maturity. The loan was previously modified in May 2021, which bifurcated the original $75.0 million note into a $45.0 million A-Note and $21.9 million B-Note and extended the maturity to October 2024. A forbearance agreement closed in October 2025, and the loan is performing under the signed FBA. The borrower has requested the lender’s consent to enter into a new ground lease at the property, which remains under review.
- According to the October 2025 rent roll, the property was 95.1% occupied, compared to 89.0% at last review and 94.1% at issuance. The servicer reported an occupancy and DSC of 94.0% and 1.72x for the nine months ending September 2025.
- An appraisal dated May 2025 valued the property at $33.5 million ($78 per sf), which is 74.0% below the $129.0 million ($301 per sf) appraisal value at issuance. The loan carries an ARA of $36.6 million, consisting of $14.7 million applied to the A-Note and $21.9 million applied to the B-Note, resulting in a cumulative ASER of $26,631. KBRA’s analysis resulted in an estimated loss of $41.4 million (62.7% estimated loss severity). The estimated loss is based on a KBRA liquidation value of $26.2 million ($61 per sf) and projected total exposure equal to $67.6 million. The liquidation is derived from an income capitalization approach using KNCF of $3.7 million and a capitalization rate of 14.00%.
Hilton Houston Post Oak ($30.7 million, 7.9%, K-LOC, Specially Serviced, REO)
- The asset is a 14-story, 448-key, full-service hotel located six miles west of the Houston CBD in the center of the Uptown/Galleria business district, one block north of the Houston Galleria Mall.
- The loan transferred to the special servicer in May 2020 due to payment default, and the trust acquired title to the property in September 2022. Special servicing of the REO property was transferred from Rialto to ASC in December 2025. The special servicer had been in discussions with a potential buyer; however, according to the servicer, the potential buyer subsequently withdrew its offer and the property currently is no longer under contract.
- An appraisal dated March 2026 valued the property at $31.0 million ($69,196 per key), which is 75.4% below the $126.2 million ($281,696 per key) appraisal value at issuance. The loan has an ARA of $47.1 million, of which $20.6 million is attributable to JPMBB 2014-C24, and cumulative ASER of $4.0 million. The asset was determined to be non-recoverable by the servicer in October 2024, resulting in cumulative non-recoverable interest of $2.3 million. KBRA's analysis resulted in an estimated loss of $41.2 million on a whole loan balance of $70.0 million (59.0% estimated loss severity), of which $18.1 million of the estimated loss is allocated to this trust. The estimated loss is based on a KBRA liquidation value of $31.0 million ($69,196 per key) and projected total exposure of $72.3 million, which considers a third-party appraisal.
The five remaining assets account for 12.8% of the pool balance:
- Glenbrook Commons ($14.7 million, 3.8%, K-LOC, Specially Serviced, Non-Performing Matured Balloon) is a 254,000 sf regional shopping center located in Fort Wayne, Indiana. The loan failed to pay off at its September 2024 maturity and the special servicer is dual tracking foreclosure and workout negotiations. As of July 2026, draft modification documents contemplate an extension through November 2026 and a principal paydown at closing, which is expected in August 2026. KBRA’s analysis resulted in an estimated loss of $2.4 million (16.4% estimated loss severity). The estimated loss was based on a KBRA liquidation value of $14.1 million ($56 per sf) and projected total exposure of $16.5 million. The liquidation value is based on a third-party appraisal.
- Holiday Inn French Quarter-Chateu Lemoyne ($13.5 million, 3.4%, Current) is a 171-key, full-service hotel located in the French Quarter of New Orleans, Louisiana.
- Meriden Executive Park ($10.9 million, 2.8%, K-LOC, Specially Serviced, REO) is 152,753-sf suburban office property located in Meriden, Connecticut. The loan transferred to the special servicer in April 2024 following payment default and the property became REO in April 2025. An October 2025 auction did not result in a sale, and the asset remains REO. An appraisal dated February 2026 valued the property at $3.3 million ($21 per sf), a 80.6% decline from the $17.0 million ($111 per sf) appraisal value at issuance. KBRA’s analysis resulted in an estimated loss of $10.3 million (94.4% estimated loss severity), based on a KBRA liquidation value of $2.2 million ($14 per sf) and projected total exposure of $12.5 million.
- East Roosevelt Boulevard Office Portfolio ($8.1 million, 2.1%, K-LOC, Specially Serviced, Foreclosure) are two office buildings totaling 86,639 sf located in Philadelphia, PA. The loan transferred to the special servicer in September 2024 after failing to pay off at maturity and is currently in foreclosure. An appraisal dated August 2025 valued the property at $8.0 million ($92 per sf), a 40.3% decline from $13.4 million ($155 per sf) at issuance. KBRA’s analysis resulted in an estimated loss of $6.0 million (73.1% estimated loss severity), based on a KBRA liquidation value of $4.2 million ($49 per sf) and projected total exposure of $10.2 million.
- Anchor Industrial Park ($2.9 million, 0.7%, K-LOC, Specially Serviced, Foreclosure) is a 118,436 sf industrial/flex property located in Cheektowaga, New York. The loan transferred to the special servicer in November 2020 and is currently in foreclosure. As of July 2026, the loan has $1.0 million of non-recoverable advances. At this time, KBRA does not estimate a loss on this $10.3 million loan.
Details concerning the classes with ratings affirmations are as follows:
- Class A-5 at AAA (sf)
- Class A-S at AA (sf)
- Class B at BB (sf)
- Class C at B (sf)
- Class EC at B (sf)
- Class D at CCC(sf)
- Class E at C (sf)
- Class F at 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.