KBRA Affirms All Ratings for MSBAM 2015-C22
16 Sep 2026 | New York
KBRA affirms all of its outstanding ratings for MSBAM 2015-C22, a CMBS conduit transaction. The transaction has been reduced to eight loans with an aggregate balance of $310.6 million from 76 loans totaling $1.1 billion at securitization. The ratings actions are based on our identification of all remaining assets as KBRA Loans of Concern (K-LOCs), our estimated losses of $74.0 million (which, if realized, would impact Class D certificates and below) and corresponding recoveries; realized losses totaling $61.2 million, which were allocated to classes F, G, and H; and cumulative interest shortfalls of $7.5 million affecting classes D, E, F and the non-rated Class H.
As of the August 2026 remittance period, six (66.4% of the pool balance) of the remaining assets are specially serviced. Two (35.7%) are in foreclosure, two (1.3%) are REO, one is a matured non-performing loan (25.8%), and one is current on payments (3.7%). The details of the remaining assets are outlined below.
300 South Riverside Plaza Fee ($100.0 million, 32.2%, Specially Serviced, Foreclosure)
- The loan is collateralized by the borrower’s fee interest in the air rights associated with the 2.1-acre parcel of land beneath 300 South Riverside Plaza, a 23-story, 1.1 million-sf office property in the West Loop submarket of downtown Chicago, IL.
- The loan failed to pay off at its March 2025 maturity, resulting in a trigger event. Cash management is in place, and a new ARD interest rate is now in effect. With the new interest rate in effect, the ground lease income is insufficient to cover the post-ARD debt service on the loan. Foreclosure was filed in February 2026, and receivership motion was filed in March 2026. According to the August 2026 servicer commentary, a cooperation agreement is being finalized among the leasehold tenant, borrower, and lender that would allow the receiver to market and sell the fee simple interest and the building.
- According to the September 2025 rent roll, the subject property was 62.5% occupied. The final maturity date is in March 2045.
- KBRA's analysis resulted in an estimated loss of $17.3 million (10.4% estimated loss severity) on a whole loan balance of $167.0 million, of which $10.4 million of the estimated loss is allocated to the trust. The estimated loss is based on a KBRA liquidation value of $155.3 million ($147 per sf) and projected total exposure of $172.6 million. The liquidation value represents a look-through value to the cash flow and value from the non-collateral improvements and considers a distressed non-stabilized disposition of the asset as well as comparable market values.
Waterfront at Port Chester ($80.0 million, 25.8%, Specially Serviced, Non-Performing Matured Balloon)
- The loan is collateralized by a 349,743 sf, anchored retail center located in Port Chester, New York, approximately 33 miles northwest of Midtown Manhattan.
- The loan failed to pay off at its April 2025 maturity date. The property has suffered a decline in performance stemming from declining occupancy. Previously, the borrower submitted an unacceptable DPO proposal to the lender. The lender is dual tracking foreclosure with workout discussions. According to the August 2026 servicer commentary approximately 28,000 sf of new leasing has been executed and approved by the lender.
- The servicer reported an occupancy and DSC of 82.0% and 0.96x for FY 2025.
- An appraisal dated June 2026 valued the property at $80.0 million ($229 per sf), which is 55.1% below the $178.0 million ($509 per sf) value at issuance. The loan was assigned an ARA of $39.2 million in July 2025, resulting in a cumulative ASER of $899,727. KBRA's analysis resulted in an estimated loss of $88.9 million (66% estimated loss severity) on a whole loan balance of $133.5 million, of which $53.3 million of the estimated loss is allocated to the trust. The estimated loss is based on a KBRA liquidation value of $50.2 million ($144 per sf) and projected total exposure of $139.2 million. The liquidation value is derived from a direct capitalization approach using a KNCF of $4.3 million and a capitalization rate of 8.50%.
Hilton Garden Inn W 54th Street ($75.0 million, 24.1%, Matured Performing)
- The loan is collateralized by a 34-story, 401-key select-service hotel located in Midtown Manhattan.
- The property was acquired by the Magna Hospitality Group in June 2025 and Magna assumed the loan. In July 2025, following the transfer of ownership the loan became current on payments. The loan was modified with a maturity extension of April 2027 and returned to the master servicer in October 2025.
- The servicer reported an occupancy and DSC of 90.0% and 2.35x for the TTM ended September 2025. At this time, KBRA does not estimate a loss on this asset, which has a whole loan balance of $155.0 million.
555 11th Street NW ($29.2 million, 9.4%, Current)
- The loan is collateralized by a 414,204 sf, Class-A office building located in Washington DC, approximately five blocks east of the White House and three blocks north of the National Mall.
- The loan was transferred to the special servicer in November 2024 due to maturity default. In January 2025 the loan was marked current and returned to the master servicer in April 2025. The maturity date is now being reported as November 2027 following a loan modification. The loan will remain in a trigger period for the remainder of its term under the modification agreement. As of August 2026, $774,424 of principal curtailments have been applied.
- The servicer reported an occupancy and DSC of 70.0% and 1.36x for FY 2025. At this time, KBRA does not estimate a loss on this asset.
Doubletree by Hilton Hotel Chicago - Alsip ($11.5 million, 3.7%, Specially Serviced, Matured Performing)
- The loan is collateralized by a 193-key, Doubletree full-service hotel in Alsip, Illinois, approximately 17 miles southwest of Chicago.
- The loan transferred to special servicing in March 2025. According to the August 2026 servicer commentary, the lender and borrower executed a forbearance agreement in July 2026, that provides the borrower with additional time to refinance the loan. As part of the forbearance, the borrower paid down the loan balance to approximately $11.5 million, and agreed to cooperation provisions in the event of a future default.
- The servicer reported an occupancy and DSC of 72.5% and 0.75x for the FY 2025. At this time, KBRA does not estimate a loss on this asset.
1400 Howard Boulevard ($10.8 million, 3.5%, Specially Serviced, Foreclosure)
- The loan is collateralized by a 75,580 sf office property located in Mount Laurel, New Jersey approximately 17 miles east of Philadelphia.
- The loan failed to pay off at its March 2025 maturity date. The property was built for the American Automobile Association (AAA), which occupied the property under a triple-net lease that expired in January 2026. AAA vacated, leaving the property 100% vacant. A lease trigger period began in October 2024, 15 months prior to the AAA’s lease expiration. A foreclosure order and writ of execution were entered in May 2026. The foreclosure sale was initially scheduled for August 20, 2026 but was adjourned to September 17, 2026.
- KBRA's analysis resulted in an estimated loss of $8.8 million (80.8% estimated loss severity). The estimated loss is based on a KBRA liquidation value of $3.1 million ($41 per sf) and projected total exposure of $11.9 million. The liquidation value is derived from an appraisal dated April 2026.
The remaining two assets, vacant former freestanding Rite Aid retail properties, have a combined outstanding principal balance of $4.1 million (1.3%) and are REO. Aggregate estimated losses for these two assets total $1.6 million (39.4% average estimated loss severity).
Details concerning the rating affirmations are as follows:
- Class A-4 at AAA (sf)
- Class A-S at AAA (sf)
- Class B at AA (sf)
- Class PST at BBB- (sf)
- Class C at BBB- (sf)
- Class D at CC (sf)
- Class E at C (sf)
- Class F at D (sf)
- Class G at D (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.