Press Release|CMBS
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KBRA Affirms All Outstanding Ratings for GSMS 2012-GCJ9

19 Mar 2026   |   New York

Contacts

KBRA affirms all outstanding ratings for GSMS 2012-GCJ9. The CMBS conduit transaction has been reduced to one loan with a balance of $63.1 million from 74 loans and $1.39 billion at securitization. The affirmations follow a surveillance review of the transaction and are based on the performance and expected recovery of the transaction's remaining loan, Jamaica Center, which is in foreclosure. Interest was deemed non-recoverable by the servicer in December 2023. The transaction’s former second-largest loan, Gansevoort Park Avenue ($65.0 million, 4.7% of original pool balance), was liquidated in February 2026 for $57.4 million. The liquidation generated a $3.2 million realized loss to the trust, which was allocated to Class G. The details of the remaining loan are outlined below.

Jamaica Center ($63.1 million, K-LOC, Specially Serviced, Foreclosure)

  • The loan is collateralized by a three-story, 215,806 sf mixed-use complex located in Queens, New York. The property combines office, retail, theater, and parking uses. The City of New York serves as an equity partner in the property through a 99-year ground lease structure which allows the city the right to participate in cash flows derived from the property.
  • KBRA maintains the loan's K-LOC designation based on its foreclosure status and its maturity default in November 2022. The loan was initially transferred to the special servicer in August 2020 due to the impact of COVID-19 and continuing delinquency. The special servicer is pursuing foreclosure and litigation remains ongoing. More recent financial and operating statements were not provided for the current review. As of the last review, occupancy was reported at 65.0%, reflecting the departure of tenant, National Amusements. The tenant, which operated a 15-screen movie theater, accounted for 8.0% of total base rent prior to vacating at its scheduled lease expiration in April 2024.
  • An appraisal dated July 2023, valued the property at $88.7 million ($411 per sf), which represents a 29.3% decrease from the $125.5 million ($582 per sf) value at issuance.
  • KBRA's analysis resulted in an estimated loss of $18.2 million (28.9% estimated loss severity) on the $63.1 million loan balance. The loss is based on a KBRA liquidation value of $52.0 million ($241 per sf) and projected total exposure of $70.3 million. The value considers a distressed non-stabilized disposition of the asset.

KBRA affirms the following ratings:

  • Class E at CC (sf)
  • Class F at C (sf)

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 continuing magnitude and extent of interest shortfalls 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.

Doc ID: 1013889