KBRA Affirms Rating for BPR 2022-STAR
16 Aug 2024 | New York
KBRA affirms its outstanding rating for BPR 2022-STAR, a $290.0 million CMBS SASB transaction. The affirmation follows a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.
The transaction’s collateral is a non-recourse, first-lien mortgage loan with an outstanding balance of $290.0 million as of August 2024. The loan is collateralized by the borrower’s fee simple interest in 728,314 sf of North Star Mall, a 1.25 million sf super-regional mall located seven miles north of the San Antonio CBD. The floating-rate, interest-only loan has an initial term of two years plus three one-year extension options. The loan’s initial maturity date was August 9, 2024 but the sponsor exercised its first extension option and extended the loan to August 2025. The loan sponsor is an affiliate of Brookfield Property Partners.
KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $35.9 million and a KBRA value of $422.7 million ($580 per sf). The resulting in-trust KLTV is 68.6%, compared to 69.6% at last review and 70.4% at securitization. KBRA maintains a KPO of Perform.
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