KBRA Affirms All Ratings for CGCMT 2018-C5
2 May 2024 | New York
KBRA affirms all of its outstanding ratings for CGCMT 2018-C5, a $553.8 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable performance since securitization.
As of the April 2024 remittance period, there are no delinquent or specially serviced assets. However, KBRA identified two K-LOCs (6.0% of the pool balance), one of which (1.4%) has an estimated loss.
One of the top 10 loans is a K-LOC:
- 650 South Exeter Street (4th largest, 4.5% of the pool balance)
The remaining K-LOC has an estimated loss:
- Roundtree Place (1.5% of pool balance, 33.9% estimated loss severity)
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 95.9%, compared to 94.6% at last review and 95.0% at securitization. The KDSC is 1.88x, compared to 1.90x at last review and 2.04x at securitization.
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