Press Release|CMBS
KBRA Affirms All Ratings for JPMBB 2014-C18
26 Nov 2025 | New York
KBRA affirms all of its outstanding ratings for JPMBB 2014-C18, a $166.4 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction and are based on the performance and expected recovery of the transaction's five remaining assets, four of which (89.4% of the pool balance) are identified as K-LOCs. These include one asset that is specially serviced and performing matured (57.1%) and two assets that are REO (11.5%). In addition to the K-LOCs, KBRA maintains a KPO of Perform on Rosedale Commons (3rd largest, 10.6%). The details of all remaining assets are outlined below.
Miami International Mall (largest, 57.1%, Performing Matured Balloon)
- The loan is collateralized by a 306,855 sf portion of a 1.1 million sf super-regional mall 12 miles west of the Miami CBD. Non-collateral anchors are Macy's (Macy's Men's & Home and Macy's Women's and Kid's), JCPenney, and Kohl's.
- KBRA maintains the loan’s K-LOC designation and KPO of Underperform based on its performing matured status with the special servicer. In March 2024, a 12-month forbearance through February 2025 was executed along with a $2.0 million paydown by the borrower. The forbearance was extended an additional 12-month to February 2026 and was accompanied by a further $3.0 million paydown. The servicer-reported annualized NCF for the YTD June 2025 was $15.6 million, representing an 18.3% decrease from $19.1 million underwritten by the issuer at closing.
- Based on the June 2025 rent roll, the property was 74.3% occupied, compared to 78.3% at last review and 91.8% at closing. The total base rent declined by 8.8% since last review because Old Navy (previously 7.4% of total base rent) and Express (5.9%) recently renewed their leases at lower base rent. In addition, there is significant tenant rollover risk with leases comprising 55.6% of base rent scheduled to expire through YE 2027, including six of the top 10 tenants (26.5% of total base rent). The Green Street Mall Grade for the property is B+, in-line with the B+ grade of Westland Mall and lower than the A+ grade of the Shops at Merrick Park, both located within a 10-mile radius of the subject property.
- An appraisal dated June 2025 valued the asset at $143.0 million, which represents a 63.4% decrease from the $391.0 million appraised value at securitization. The servicer-reported occupancies and DSCs are: 74.3% / 2.22x (YTD June 2025), 95.0% / 2.30x (FY 2024), 78.0% / 2.34x (FY 2023); at closing these were 93.8% / 2.67x. KBRA's analysis resulted in an estimated loss of $43.7 million (28.7% estimated loss severity) on a whole loan balance of $152.0 million based on a value of $108.6 million ($358 per sf). The value is derived from a direct capitalization approach using a KNCF of $13.0 million and a capitalization rate of 12.0%.
Meadows Mall (2nd largest, 20.8%)
- The loan is collateralized by a 308,190 sf portion of a 945,063 sf, super-regional mall located in Las Vegas, Nevada, approximately five miles west of the Las Vegas Strip. JCPenney and Macy’s are non-collateral anchors.
- KBRA maintains the loan’s K-LOC designation and KPO of Underperform based on its declining financial performance and prior specially serviced status. The loan failed to pay off at its July 2023 maturity. A modification agreement was executed in February 2024, which extended the maturity date to July 2026. The servicer-reported annualized NCF for the YTD June 2025 was $8.5 million, representing a 45.2% decrease from $15.5 million underwritten by the issuer at closing. The decline in financial performance is largely due to decreases in occupancy and base rent. There is significant tenant rollover risk with leases comprising 53.9% of base rent scheduled to expire through YE 2027, including four of the top 10 tenants (12.2% of total base rent). The Green Street Mall Grade for the property is B-, lower than the A+ grades of Fashion Show and Grand Canal Shoppes at The Venetian Resort, both located within a 5-mile radius of the subject property.
- An appraisal dated July 2023 valued the asset at $112.0 million, which represents a 52.3% decrease from the $235.0 million appraised value at securitization. The servicer-reported occupancies and DSCs are: 84.0% / 0.82x (YTD June 2025), 91.0% / 0.90x (FY 2024), 89.0% / 1.00x (FY 2023); at closing these were 95.8% / 1.49x. KBRA's analysis resulted in an estimated loss given default of $55.5 million (53.1% estimated loss severity) on a whole loan balance of $104.5 million and is based on a value of $49.0 million ($159 per sf). The value is derived from a direct capitalization approach using a KNCF of $7.4 million and a capitalization rate of 15.0%.
The three remaining assets account for 22.1% of the pool balance:
- Rosedale Commons (3rd largest, 10.6%, Current) is collateralized by a 168,049 sf, anchored retail center located in Roseville, Minnesota, five miles north of Minneapolis. The development is comprised of two single-story buildings with 831 surface parking spaces. KBRA revised the KPO to Perform from Underperform. The servicer-reported annualized NCF for the YTD June 2025 was $2.8 million, representing a 62.4% increase from $1.7 million for YTD June 2024 and a 30.2% increase from $2.2 million underwritten by the issuer at closing. The recovery reflects HomeGoods (11.2% of total base rent) backfilling the space vacated by Bed Bath & Beyond, along with higher expense recoveries. The loan was structured with a 15-year term and is scheduled to mature in January 2029.
- Geneva Shopping Center (4th largest, 6.6%, REO) is collateralized by a 189,227 sf anchored retail center located in Geneva, New York, 40 miles west of Syracuse. The property became REO in May 2023. Occupancy fell to 44.8% after the departure of the former largest tenant, Tops Markets, which filed for bankruptcy in February 2018. As of August 2025, occupancy has improved to 69.6% following two new leases with Goodwill and Planet Fitness. An appraisal dated February 2025 valued the asset at $3.9 million, which is 80.9% below the property’s $20.4 million value at issuance. KBRA’s analysis resulted in an estimated loss of $6.2 million (56.8% estimated loss severity) on a loan balance of $10.9 million, which is based on a value of $6.7 million ($36 per sf). The value is derived from a direct capitalization approach using a KNCF of $638,577 and a capitalization rate of 9.50%.
- One Thorn Run Center (5th largest, 4.9%, REO) is collateralized by a 102,041 sf suburban office building located 15 miles northwest of the Pittsburgh CBD in Coraopolis, Pennsylvania. The property became REO in November 2023. The property is 53.0% occupied according to the August 2025 rent roll, which compares to 97.1% at issuance. An appraisal dated June 2025 valued the asset at $7.8 million, which is 46.4% below the property’s $14.6 million value at issuance. KBRA’s analysis resulted in an estimated loss of $4.0 million (49.2% estimated loss severity) on a loan balance of $8.2 million. The loss is based on a KBRA liquidation value of $5.5 million ($54 per sf), derived from a direct capitalization of stabilized KNCF of $627,376 at a 9.50% cap rate. KBRA adjusted this value downward by $1.1 million to account for TI/LC costs and income lost during the stabilization period.
Details concerning the ratings affirmations are as follows:
- Class B at A (sf)
- Class EC at BBB (sf)
- Class C at BBB (sf)
- Class D at CCC (sf)
- Class E at CC (sf)
- Class F at C (sf)
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.