KBRA Affirms All Ratings for COMM 2014-CCRE20
6 Sep 2024 | New York
KBRA affirms all of its outstanding ratings for COMM 2014-CCRE20, a $571.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA's last ratings change in September 2023.
As of the August 2024 remittance, there are three (19.7% of the pool balance) specially serviced assets, one of which is REO (9.2%) and two (10.5%) are non-performing matured balloon loans. KBRA identified six K-LOCs (30.1%), including the specially serviced assets. Of the K-LOCs, four (19.3%) have estimated losses. These include four top 10 loans:
- Harwood Center (3rd largest, 9.2% of the pool balance, 60.6% estimated loss severity)
- Culver City Creative Office (4th largest, 8.0%)
- Beverly Connection (5th largest, 7.7%, 10.9%)
- Main Street Marketplace (8th largest, 2.8%)
The remaining two K-LOCs have estimated losses:
- Superstition Springs (1.7%, 28.0%)
- Jacksonville Medical Centers (0.7, 32.0%)
To access rating and relevant documents, click here.
Click here to view the report.
Related Publication
Methodologies
- CMBS: North American CMBS Property Evaluation Methodology
- CMBS: North American CMBS Single Borrower & Large Loan Rating Methodology
- CMBS: North American CMBS Multi-Borrower Rating Methodology
- CMBS: Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology