KBRA Affirms All Ratings for JPMCC 2022-NLP
14 May 2024 | New York
KBRA affirms all ratings for JPMCC 2022-NLP, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since issuance.
The transaction collateral is a non-recourse, first lien mortgage loan secured by the borrower's fee simple (59.5% of ALA) and leasehold (40.5%) interests in 25 properties, consisting of office (48.5%) and industrial (51.4%) assets. The portfolio encompasses 9.5 million sf, with properties in 18 states, of which the five largest states include New Jersey (four properties, 12.0% of ALA), Texas (two, 9.8%), Florida (two, 8.6%), Maryland (one, 8.5%), and California (two, 7.6%). The loan has an outstanding balance of $1.1 billion as of April 2024. The loan is paid current as of April 2024 and according to the servicer, the borrower exercised its first of three extension options, extending the loan to April 2025. The loan sponsor is The Carlyle Group an American multinational private equity, alternative asset management and financial services corporation with approximately $425.0 billion in assets under management.
The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $79.5 million and a KBRA value of $888.6 million. The resulting in-trust KLTV is 119.0%, down from 125.4% at KBRA's last review and from 124.9% at securitization. KBRA maintains its KPO of Perform for the loan given stable transaction performance since issuance.
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