KBRA Affirms All Ratings for JPMBB 2015-C28
14 Feb 2025 | New York
KBRA affirms all of its outstanding ratings for JPMBB 2015-C28, a $569.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA's last ratings change in March 2022.
As of the January 2025 remittance period, there are two specially serviced assets (11.4%), one of which (3.5%) is REO. KBRA has identified eight K-LOCs (39.9%), of which two (11.4%) have estimated losses. This includes:
Six of the top 10 loans (37.8%):
- The Shops at Waldorf Center (2nd largest, 13.1%)
- The Club Row Building (3rd largest, 7.9%, 11.5% estimated loss severity)
- Walgreens Net Lease Portfolio III (4th largest, 6.0%)
- Walgreens Net Lease Portfolio IV (5th largest, 5.8%)
- Pinnacle Office & Shops and Parking (7th largest, 3.5%, 68.2%)
- Homewood Suites Indianapolis (10th largest, 1.6%)
The remaining two K-LOCs represents 2.1% of the pool balance and do not have estimated losses.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 87.0%, compared to 96.3% at KBRA's last ratings change and 100.7% at securitization. The KDSC is 2.17x, compared to 1.73x at KBRA's last ratings change and 1.82x at securitization.
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