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KBRA Downgrades the Ratings of Four Classes of Certificates and Affirms All Other Ratings for GSMS 2014-GC22

4 Mar 2026   |   New York

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KBRA downgrades the ratings of four classes and affirms all other outstanding ratings for GSMS 2014-GC22, a $303.5 million conduit transaction, which has four assets remaining in the underlying pool. Simultaneously, KBRA removes four ratings from Watch Downgrade (DN) where they were placed on December 4, 2025, due to an increase in interest shortfalls. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in estimated losses for the four remaining assets and interest shortfalls that have affected class A-S and below. There has been a $9.7 million increase in realized losses in the transaction due to the liquidation of Westwood Plaza during the review period.

As of the February 2026 remittance period, three loans (65.8%) are specially serviced, of which two are REO (60.1%) and one is in foreclosure (5.7%). One loan (34.2%) was modified and extended. KBRA identified the four assets (100%) as K-LOCs, all of which have estimated losses. The details of the four assets are outlined below.

Maine Mall ($103.8 million, 32.4% of the pool balance, K-LOC, Modified, Current)

  • The loan is collateralized by an enclosed super-regional mall located in South Portland, Maine, approximately six miles southwest of the Portland CBD. The mall anchors are JCPenney and Macy's. JCPenney owns its improvements subject to a ground lease with the sponsor, while Macy's owns its store and underlying land. The former non-collateral anchor Sears closed in the fall of 2020. The loan's sponsor is Brookfield Property Partners.
  • KBRA maintains the loan's K-LOC designation and KPO of Underperform based on its matured performing status following the borrower's failure to pay off the loan at maturity in April 2024. The loan subsequently transferred to special servicing for imminent maturity default. The borrower and special servicer agreed to a modification, which closed in August 2025. As part of the modification terms, the loan was extended to April 2028 and the borrower provided a cumulative $11.8 million principal paydown on the whole loan balance. The loan returned to the master servicer in November 2025.
  • The servicer-reported occupancies and DSCs are: 93.0% / 1.40x (YTD September 2025), 94.0% / 1.52x (FY 2024); at issuance these were 97.2% / 1.83x. An appraisal dated August 2025 valued the property at $187.0 million ($256 per sf), representing a 52.7% decrease from closing ($395.0 million; $541 per sf). As of the February 2026 remittance period, the loan is current. However, in the event of default, KBRA’s analysis resulted in an estimated loss of $92.7 million (41.8% estimated loss severity) on the whole loan balance of $221.2 million. The loss is based on KBRA's liquidation value of $128.5 million ($176 per sf) and projected total exposure of $221.2 million. The value is derived from a direct capitalization approach using a KNCF of $15.2 million and a capitalization rate of 12.00%.

Selig Portfolio ($97.6 million, 32.1%, K-LOC, REO)

  • The asset consists of seven office properties, totaling 1.1 million sf, in downtown Seattle. All of the properties are easily accessible from Interstate 5 as well as State Route 99.
  • KBRA maintains the asset's K-LOC status and its KPO of Underperform based on its transfer to the special servicer in April 2024 amid declining financial performance and occupancy after the loan failed to pay off at its maturity date. The foreclosure auction was held in July 2025, with the trust emerging as the winning bidder, and the loan was deemed non-recoverable in 2025. The special servicer is expecting a partial sale of the portfolio in 2026, with final disposition by December 2028. As of the February 2026 remittance period, the loan has $1.9 million in cumulative non recoverable interest in this trust and a $1.0 million ASER remains outstanding.
  • The servicer-reported occupancies and DSCs are: 62.0% / 0.61x (YTD September 2025), 60.0% / 1.33x (FY 2024); at issuance these were 85.0% / 2.06x. Appraisals dated February 2025 valued the properties at $149.8 million ($138 per sf), representing a 55.3% decrease from closing ($335.3 million; $310 per sf). As a result, the asset carries a cumulative ARA of $82.4 million on the whole loan balance. KBRA’s analysis resulted in an estimated loss of $138.4 million (59.4% estimated loss severity) on the whole loan balance of $233.1 million. The loss is based on projected total exposure of $240.3 million and KBRA's liquidation value of $101.9 million ($94 per sf), which is derived from a direct capitalization approach using a KNCF of $11.4 million and a capitalization rate of 10.00%.

EpiCentre ($85.0 million, 28.0%, K-LOC, REO)

  • The asset is a 304,772 sf mixed-use entertainment center located in the Uptown section of Charlotte, North Carolina. Much of the center was dedicated to entertainment and retail uses, which comprises 264,323 sf, or 86.7% of the subject’s total sf. The remaining 40,449 sf is utilized as office space.
  • KBRA maintains the asset's K-LOC designation and its KPO of Underperform based on its REO status. The loan transferred to special servicing in March 2021 due to imminent monetary default. A receiver was appointed in July 2021 and the property became REO effective August 2022. According to the servicer, an improvement plan to cure deferred maintenance was completed in February 2024. The special servicer plans to list the asset for sale in 2026. As of February 2026, these is a $23.9 million ARA and $7.0 million in cumulative non-recoverable interest outstanding.
  • The servicer-reported occupancies and DSCs are: 35.0% / 0.26x (YTD annualized June 2023), 38.0% / 0.26x (FY 2021); at issuance these were 90.0% / 2.27x. An appraisal dated January 2025 valued the property at $74.7 million ($245 per sf), representing a 42.8% decrease from closing ($130.5 million; $428 per sf). KBRA’s analysis resulted in an estimated loss of $66.0 million (77.6% estimated loss severity) utilizing projected total exposure of $93.9 million. The loss is based on KBRA's liquidation value of $28.0 million ($92 per sf), which is derived using a stabilized KNCF of $3.2 million and a capitalization rate of 9.50%, with a $6.2 million value deduction for lease up costs.

Maccabees Center ($17.2 million, 5.7%, K-LOC, Foreclosure)

  • The asset is a 360,280 sf, Class-A office complex located in Southfield, Michigan, approximately 15 miles northwest of the Detroit CBD.
  • KBRA maintains the asset's K-LOC designation and its KPO of Underperform based on its foreclosure status. The former second-largest tenant, Sullivan Ward (12.0% of square footage), vacated at its February 2020 lease expiration and the former largest tenant W.B. Doner (34.0%) vacated at lease expiration in December 2020, reducing occupancy at the property to 34.0%. The loan transferred to the special servicer in December 2023, and the special servicer started dual tracking foreclosure and a receiver sale. The property is listed in an online auction ending March 2026. There is $894,000 in cumulative non-recoverable interest associated with the loan.
  • The servicer-reported and occupancies and DSCs are: 31.0% / -1.00x (YTD March 2024), 27.0% / -0.91x (FY 2022); at issuance these were 80.0% / 1.70x. An appraisal dated November 2024 valued the property at $9.7 million ($27 per sf), representing a 68.4% decrease from closing ($30.7 million; $85 per sf). As a result, the asset carries an ARA of $10.9 million. KBRA’s analysis resulted in an estimated loss of $15.5 million (90.3% estimated loss severity) utilizing projected exposure of $20.4 million. The loss is based on KBRA's liquidation value of $4.9 million ($16 per sf), which is based on 50% of the November 2024 appraised value.

Details regarding the classes with Ratings Changes are below:

  • Class A-S to BB (sf) from AAA (sf) DN
  • Class B to CCC (sf) from BB (sf) DN
  • Class C to C (sf) from CCC (sf) DN
  • Class PEZ to C (sf) from CCC (sf) DN

Details regarding the classes with Affirmations are below:

  • Class A-5 at AAA (sf)
  • Class D at C (sf)
  • Class E at C (sf)
  • Class F at C (sf)

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: 1013670