KBRA Affirms All Ratings for Benchmark 2022-B32
16 Jan 2025 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2022-B32, a $1.8 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.
As of the December 2024 remittance period, there is one specially serviced loan (0.4% of the pool balance) that is 90+ days delinquent.
KBRA identified six K-LOCs (13.5%), one of which (0.4%) has an estimated loss. This includes:
One top 10 loan:
- Old Chicago Post Office (largest, 7.1%)
One K-LOC has an estimated loss:
- Lakeville Townhomes (0.4%, 18.9% estimated loss severity)
The remaining four K-LOCs represent 6.1% of the pool balance and do not have estimated losses.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 94.4%, compared to 94.8% at last review and 95.9% securitization. The KDSC is 2.69x, compared to 2.68x at last review and 2.65x at securitization.
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