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KBRA Affirms All Ratings for COMM 2018-COR3

5 Sep 2025   |   New York

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KBRA affirms all of its outstanding ratings for COMM 2018-COR3, a $975.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an increase in realized losses since KBRA’s last ratings change in September 2024. Realized losses for the transaction are primarily attributable to the January 2024 modification of the 240 East 54th Street loan (3.2% of the pool balance), which resulted in an $11.0 million principal reduction as well as cumulative advances by the trust for the loan totaling $3.9 million. Additionally, the transaction exhibited an increase in interest shortfalls compared to last review; however, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the August 2025 remittance period, there are three specially serviced assets (13.6%), of which one (6.7%) is REO, one (4.8%) is in foreclosure, and one (2.2%) is over 90 days delinquent. KBRA identified 15 K-LOCs (43.0%), including the specially serviced assets. Of the 15 K-LOCs, seven (23.4%) have estimated losses.

Loss Given Default (000s) Loss Severity 2 Hyatt @ Olive 8 LO $78,000 8.0% N C Y Occupancy 04/07/2020 - - 3 Kingswood Center MU $65,500 6.7% Y 90+ N REO 07/30/2021 $36,306 55.4% 6 Grand Hyatt Seattle LO $50,000 5.1% N C Y DSCR 03/26/2020 - - 7 315 West 36th Street OF $47,000 4.8% Y 90+ N Occupancy 04/27/2023 $39,305 83.6% 10 Shoreline Center OF $38,300 3.9% N C N Lease Rollover 09/25/2024 $5,628 14.7% 8 240 East 54th Street RT $31,000 3.2% N C Y Modification 04/07/2020 $20,970 67.6% 16 644 Broadway MU $21,200 2.2% Y 90+ Y Delinquent 05/14/2020 $13,946 65.8% 18 Miramar Town Center MU $16,510 1.7% N C N DSCR 01/25/2024 - - 20 2857 West 8th Street MU $14,300 1.5% N C N Tenant Issues 01/25/2023 $3,059 21.4% 21 Gaviidae Common MU $14,200 1.5% N C N Tenant Issues 11/06/2024 - - 25 Fairfield Inn Charleston Airport LO $11,065 1.1% N C N DSCR 04/07/2020 $3,669 33.2% 26 Perimeter Place OF $9,678 1.0% N C N Lease Rollover 05/28/2025 - - 30 Walgreens & Fresenius Portfolio MU $9,450 1.0% N 30+ N Delinquent 08/27/2025 - - 27 Kohl's Westland RT $9,415 1.0% N C N Recent Delinquency 06/30/2025 - - 40 Mall Plaza Apartments MF $3,871 0.4% N C N DSCR 03/31/2025 - - Total K-LOCs $419,489 43.0% $122,883 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 107.3%, compared to 103.5% at KBRA’s last rating change in September 2024 and 99.7% at securitization. The KDSC is 1.68x, compared to 1.70x at KBRA’s last rating change and 1.94x at securitization.

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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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