KBRA Affirms All Ratings for JPMCC 2022-NLP

KBRA affirms all ratings for JPMCC 2022-NLP, a 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 (58.6% of ALA) and leasehold (41.4%) interests in 24 properties, consisting of office (49.0%) and industrial assets (51.0%). The portfolio encompasses 9.5 million sf, with properties located in 17 states, of which the five largest states are Texas (two properties, 13.1% ALA), New Jersey (four, 12.3%), Maryland (one, 12.2%), Florida (two, 8.7%), and California (two, 7.7%). The loan has an outstanding balance of $1.1 billion as of April 2025. According to the servicer, the borrower has exercised the second of three extension options, extending the loan to April 2026. The loan sponsor is The Carlyle Group, a multinational private equity, alternative asset management and financial services corporation with approximately $441.0 billion in assets under management.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $76.7 million and a KBRA value of $844.0 million ($89 per sf). The resulting in-trust KLTV is 125.3%, a change from 119.0% at KBRA’s last review and from 124.9% at securitization. KBRA maintains its KPO of Perform for the loan given stable transaction performance since issuance.

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