KBRA Affirms All Outstanding Ratings For JPMCC 2012-WLDN

KBRA affirms all its outstanding ratings for JPMCC 2012-WLDN, a $222.8 million CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an overall stable pool performance since last review.

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 loan has an outstanding balance of $222.8 million ($189 per sf) as of January 2025. Although the loan was originally scheduled to mature in May 2022, a modification extended the maturity date to May 2025. The sponsor of the loan is Pyramid Companies, a privately held real estate development company headquartered in Syracuse, New York.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $19.4 million and a KBRA value of $161.4 million ($137 per sf). The resulting in-trust KLTV is 138.0%, compared to 138.4% at last review and 65.1% at securitization. KBRA maintains the loan’s K-LOC designation and its KPO of Underperform given the impending maturity date of May 1, 2025.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies