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KBRA Affirms All Ratings for JPMCC 2014-DSTY

11 Aug 2025   |   New York

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KBRA affirms all of its outstanding ratings for JPMCC 2014-DSTY, a $430.0 million single-borrower CMBS transaction. The affirmations follow a surveillance review of the transaction. The ratings reflect the ongoing interest shortfalls on each of the rated classes and the high likelihood that neither the accrued and unpaid interest nor principal balance will be paid in full upon disposition of the collateral.

The transaction collateral consists of two non-recourse mortgage loans which are secured by distinct phases of Destiny USA, a super-regional mall located in Syracuse, New York. The first loan has a balance of $300.0 million and is secured by a mortgage on approximately 1.2 million of the 1.5 million sf in Phase I of the project, which was formerly known as Carousel Center. The second mortgage loan has a balance of $130.0 million and is secured by a mortgage on an 874,200 sf expansion parcel, which is known as Phase II. Although the loans originally had five-year terms with a maturity date in 2019, a forbearance agreement was in effect through June 2024. However, according to the special servicer, the borrower was informed that it would need to make a $38.9 million paydown to meet the debt yield test for the upcoming one-year extension. The borrower confirmed that it is unable to make the payment.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. Although the loans are not cross-collateralized or cross-defaulted, the credit performance of each loan is predicated on the overall performance of the mall, which KBRA views as a single economic entity. The analysis produced an aggregate KNCF of $7.7 million and a KBRA value of $51.3 million, which considers the estimated liquidation value of each of the phases. The resulting in-trust KLTV is 804.6%, compared to 658.8% at last review and 82.7% at securitization. KBRA maintains the loans’ K-LOC designations and KPO of Underperform.

To access ratings and relevant documents, click here.

Click here to view the report.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

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.

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