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KBRA Affirms All Ratings for JPMBB 2015-C28

12 Feb 2026   |   New York

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KBRA affirms all ratings for JPMBB 2015-C28, a $116.8 million CMBS conduit transaction which has four assets remaining in the mortgage pool, each of which has been identified as a K-LOC. The affirmations follow a surveillance review of the transaction and are based on the performance and expected recovery of the transaction's remaining four loans. As of the January 2026 remittance period, three loans (61.5%) are current and one loan (38.5%) has a non-performing matured balloon status. The details of the loans are outlined below.

The Club Row Building (largest, 38.5%, K-LOC, Matured Non-Performing Balloon)

  • The loan is collateralized by a 365,819 sf, Class-B, office building located on West 44th Street in Midtown Manhattan. The 22-story LEED Gold Certified building consists of approximately 338,957 sf of office space, 14,295 sf of ground-floor retail space, 12,389 sf of storage space, and a 178 sf bike room.
  • KBRA maintains the loan's K-LOC designation and KPO of Underperform based on its status with the special servicer after failing to pay off it its January 2025 maturity date. According to the special servicer, a loan modification has been discussed, but nothing has been executed at this time. The lender will continue to dual track the foreclosure process while discussing workout alternatives with the borrower. Previously, the subject has suffered from declining occupancy.
  • The servicer-reported occupancies and DSCs are: 66.0% / 0.54x (YTD September 2025), 61.0% / 1.32x (FY 2024); at closing these were 96.1% / 1.58x. KBRA's analysis resulted in an estimated loss of $75.9 million on a whole loan balance of $155.0 million. The loss is based on a KBRA liquidation value of $81.4 million ($223 per sf). The value considers a distressed non-stabilized disposition of the asset.

Walgreens Net Lease Portfolio III (2nd largest, 27.9%, K-LOC, Watchlist)

  • The loan is collateralized by a portfolio of eight single-tenant retail properties containing an aggregate of 117,645 sf that are located in Missouri (3), Kentucky (3), and Wisconsin (2). The properties range in size from 13,905 sf to 16,380 sf, with an average of 14,706 sf.
  • KBRA maintains the loan's K-LOC designation and KPO of Underperform based on the loan failing to pay off at its Anticipated Repayment Date (ARD) in January 2025. The properties are solely occupied by Walgreens pursuant to leases that expire in 2029. The loan's final maturity date is in January 2030.
  • The servicer-reported occupancies and DSCs are: 100% / 1.85x (YTD September 2025), 100% / 1.77x (FY 2024); at closing these were 100% / 1.81x. At this time, KBRA does not estimate a loss on this asset.

Walgreens Net Lease Portfolio IV (3rd largest, 27.0%, K-LOC, Watchlist)

  • The loan is collateralized by a portfolio of eight single-tenant retail properties consisting of 115,123 sf that are located in Tennessee (4), Wisconsin (2), Alabama (1), and Arkansas (1). The properties range in size from 13,235-sf to 15,070-sf, with an average of 14,390-sf.
  • KBRA maintains the loan's K-LOC designation and KPO of Underperform based on the loan failing to pay off at its Anticipated Repayment Date (ARD) in January 2025. The properties are solely occupied by Walgreens pursuant to leases that expire in 2029. The loan's final maturity date is in January 2030. According to KBRA research, one property in Wisconsin permanently closed in 2025.
  • The servicer-reported occupancies and DSCs are: 100% / 1.86x (YTD September 2025), 100% / 1.64x (FY 2024); at closing these were 100% / 1.79x. At this time, KBRA does not estimate a loss on this asset.

Homewood Suites Indianapolis (4th largest, 6.6%, K-LOC, Watchlist)

  • The loan is collateralized by a 116-key, extended-stay Homewood Suites hotel in Indianapolis, Indiana.
  • KBRA maintains the loan's K-LOC designation and KPO of Underperform based on its failure to pay off at its February 2025 maturity date and recent modification, extending the loan's maturity through February 2028. The modification also includes an option to further extend maturity through February 2029. In addition, the loan was added to the master servicer's watchlist in December 2025 due to a low DSC.
  • The servicer-reported occupancies and DSCs are: 69.0% / 0.78x (TTM ended March 2025), 71.0% / 1.05x (FY 2024); at closing these were 81.1% / 1.59x. At this time, KBRA does not estimate a loss on this asset.

KBRA affirms the following ratings:

  • Class C at A- (sf)
  • Class EC at A- (sf)
  • Class D at BBB- (sf)
  • Class E at B- (sf)
  • Class F at CCC (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 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.

Doc ID: 1013358