KBRA Affirms All Ratings for BMO 2022-C1
7 Feb 2025 | New York
KBRA affirms all of its outstanding ratings for BMO 2022-C1, a $1.1 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.
As of the January 2025 remittance period, there are two loans (1.6%) that are specially serviced, one of which is 90+ days delinquent. KBRA identified seven K-LOCs (10.0%), including the two specially serviced assets. These include:
One Top Ten Loan:
- Coleman Highline Phase IV (3rd largest, 3.6% of the pool)
Three other K-LOCs have estimated losses:
- NYC MFRT Portfolio (2.7%, 21.1% estimated loss severity given default)
- Broward County Industrial (0.3%, 14.9%)
- 640 Virginia Park Street (0.3%, 20.1%)
The remaining three K-LOCs do not have estimated losses and represent 3.1% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 98.7%, compared to 98.3% at last review and 98.0% at securitization. The KDSC is 2.28x, compared to 2.36x at last review and 2.36x at securitization.
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