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KBRA Affirms All Ratings for COMM 2015-CCRE22

21 Aug 2026   |   New York

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KBRA affirms all of its outstanding ratings for COMM 2015-CCRE22, a CMBS conduit transaction. The transaction has been reduced to eight loans and a balance of $260.2 million from 75 loans and $1.4 billion at issuance. The affirmations reflect stability in our estimated losses for the remaining assets since our last ratings changes in August 2025. Of the eight remaining assets, seven are K-LOCs (85.2%). Of the K-LOCs, three (14.1%) are REO, two (7.0%) have a non-performing matured balloon status, and one (18.0%) is in foreclosure. The remaining loan (14.8%) is a performing asset scheduled to mature in August 2026. Five K-LOCs (58.1%) have estimated losses. The details of the K-LOCs are outlined below.

One Riverway ($68.6 million, 26.4%, A-Note Current, B-Note 90+ Days Delinquent)

  • The loan is collateralized by a 483,410 sf suburban office building located in Houston, TX, approximately seven miles west of the CBD.
  • The loan was modified in April 2025 which extended the loan's maturity date to March 2028, with an additional one-year extension option available through March 6, 2029, subject to lender approval. The loan was restructured into two tranches: a $54.5 million A-Tranche and a $14.3 million B-Tranche. The A-Tranche was converted to IO and is current, while the B-Tranche accumulates interest and has been reported as 90+ days delinquent. The borrower also contributed $5.0 million to fund reserves.
  • The servicer reported an occupancy and DSC of 50.0% and 0.58x for the FY 2025.
  • The loan was reappraised for $43.1 million in June 2024, down from $124.0 million at securitization. KBRA's analysis resulted in an estimated loss of $35.3 million on a whole loan balance of $68.6 million (51.4% estimated loss severity). The estimated loss is based on a KBRA liquidation value of $37.4 million ($77 per sf) and projected total exposure of $72.7 million. The liquidation value is derived from a direct capitalization approach using a stabilized KNCF of $3.6 million, downtime to account for income lost during the stabilization period, and a capitalization rate of 9.50%.

100 West 57th Street ($60.0 million, 23.1%, Current)

  • The loan is collateralized by the borrower’s leased fee interest in 0.6 acre of land underlying Carnegie House, a 21-story, mixed-use building located in New York City’s Midtown Manhattan. The building consists of 323 co-op apartment units, a 225-space below-grade parking garage, and street level retail space (28,337 sf). Only the land underlying Carnegie House serves as collateral for the subject loan.
  • KBRA continues to monitor the loan given the substantial increase in the ground rent obligation, the pending appeal of the ground-rent reset amount, and the potential impact on the co-op's ability to support the higher ground rent. The ground lease expired in March 2025, with a temporary extension allowing arbitration proceedings to continue. In January 2026, the New York County Supreme Court upheld the arbitration award establishing annual ground rent of approximately $24.6 million, an increase of more than 450% over the prior ground rent. The co-op board has announced plans to appeal the ruling. The borrower has continued to make debt service payments beyond the ARD. The final maturity date is April 2035.
  • The servicer reported an occupancy and DSC of 100% and 1.04x for FY 2025. At this time, KBRA does not estimate a loss for this asset, which has a whole loan balance of $180.0 million.

UnitedHealth Group HQ ($46.9 million, 14.8%, Foreclosure)

  • The loan is collateralized by a 343,602 sf, single-tenant office building in Minnetonka, Minnesota, about seven miles southwest of the Minneapolis CBD.
  • The former sole tenant, UnitedHealth Group, vacated at their lease expiration in December 2024. The loan transferred to the special servicer in October 2024 for imminent default, and was deemed non-recoverable in March 2025. The current outstanding balance totals $497,361. According to special servicer commentary, the lender is dual tracking foreclosure with other workout alternatives. A receiver has taken control of the property as of January 2026.
  • The servicer reported an occupancy and DSC of 0.0% and -0.47x for the YTD September 2025.
  • The loan was reappraised for $12.5 million in October 2025, down from $80.0 million at securitization. As a result, an ARA of $37.3 million was assigned to the loan in August 2026. KBRA's analysis resulted in an estimated loss of $38.8 million on a whole loan balance of $46.9 million (82.8% estimated loss severity). The estimated loss is based on a KBRA liquidation value of $12.2 million ($36 per sf) and projected total exposure of $51.0 million. The liquidation value considers a distressed non-stabilized disposition of the asset as well as comparable market values.

One Shoreline Plaza ($19.2 million, 7.4%, REO)

  • The asset is two connected office towers, totaling 363,222 sf located in Corpus Christi, Texas, overlooking Corpus Christi Bay.
  • The asset became REO in October 2025. According to special servicer commentary, various strategies are being evaluated including a potential multifamily conversion. At this time, the asset is not listed for sale. The asset was deemed non-recoverable in April 2025, however there are no outstanding balances as of August 2026.
  • The asset was reappraised for $14.0 million in December 2025, down from $35.0 million at issuance. As a result, an ARA of $8.1 million was assigned in August 2026. KBRA's analysis resulted in an estimated loss of $7.1 million on a whole loan balance of $19.2 million (36.6% estimated loss severity). The estimated loss is based on a KBRA liquidation value of $13.7 million ($38 per sf) and projected total exposure of $20.7 million. The liquidation value is derived from a direct capitalization approach using a KNCF of $1.6 million and a capitalization rate of 11.50%.

Liberty View ($10.6 million, 4.1%, Non-Performing Matured Balloon)

  • The loan is collateralized by a 121,737 sf office property located in Cherry Hill, New Jersey.
  • The loan failed to pay off in February 2025 and subsequently transferred to the special servicer. The loan was deemed non-recoverable in March 2025, however there are no outstanding balances as of August 2026. The collateral was last marketed for sale via auction in April 2025 but failed to trade. According to special servicer commentary, the lender is dual tracking foreclosure with a potential forbearance agreement being negotiated, that would involve a payoff by November 2026.
  • The servicer reported an occupancy and DSC of 83.0% and 1.06x for the TTM period ended March 2026.
  • The subject was reappraised for $13.3 million in January 2026, down from $20.0 million at issuance. At this time, KBRA does not estimate a loss on this asset.

1424 K Street Northwest ($8.7 million, 3.4%, REO)

  • The asset is a 43,522 sf office property in the East End section of Washington D.C.
  • The asset became REO in April 2026 after selling at auction in March 2026. Previously, the asset transferred to the special servicer and was deemed non-recoverable in March 2025, however there are no outstanding balances as of August 2026. Since last review, two tenants representing 40.4% of base rent and 31.1% of collateral sf vacated the property, leaving physical occupancy at 48.4%. The property is not currently being marketed for sale.
  • The asset was reappraised for $6.3 million in April 2026, down from $18.4 million at issuance. KBRA's analysis resulted in an estimated loss of $3.5 million on a whole loan balance of $8.7 million. The estimated loss is based on a KBRA liquidation value of $6.3 million ($145 per sf) and projected total exposure of $9.8 million. The liquidation value is based on the most recent appraisal.

Atrium I ($7.6 million, 2.9%, Non-Performing Matured Balloon)

  • The loan is collateralized by a 99,628 sf office building located in Mount Laurel, New Jersey.
  • The loan failed to pay off in February 2025 and subsequently transferred to the special servicer. The loan was also deemed non-recoverable in February 2025, however there are no outstanding balances as of August 2026. According to the special servicer commentary, a forbearance has been approved and is currently being documented, with a payoff anticipated in October 2026. The lender is dual tracking foreclosure alongside the forbearance process.
  • The servicer reported an occupancy and DSC of 90.0% and 1.81x for the TTM period ended March 2026.
  • KBRA's analysis resulted in an estimated loss of $1.7 million on a whole loan balance of $7.6 million (22.9% estimated loan severity). The estimated loss is based on a KBRA liquidation value of $6.3 million ($64 per sf) and projected total exposure of $8.1 million. The liquidation value is derived from direct capitalization approach using a KNCF of $602,449 and a capitalization rate of 9.50%.

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.

Related Publication

Methodologies

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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