KBRA Affirms All Ratings for BMO 2022-C3
4 Oct 2024 | New York
KBRA affirms all of its outstanding ratings for BMO 2022-C3, a $723.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.
As of the September 2024 remittance period, there is one specially serviced loan (0.5%), which is currently 30+ days delinquent. KBRA identified four K-LOCs (3.1% of the pool balance), including the specially serviced loan, which has an estimated loss. These include:
One with an estimated loss:
- 561 Clinton Street (0.5%, 7.7% estimated loss severity)
The remaining three K-LOCs represent 2.6% of the pool balance and do not have estimated losses.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 98.0%, compared to 96.5% at last review and 96.3% at securitization. The KDSC is 1.65x, compared to 1.66x at last review and securitization.
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