Press Release|CMBS
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KBRA Downgrades One Rating for MSBAM 2014-C19 to D (sf) Following Realization of Principal Losses

9 Jul 2026   |   New York

Contacts

KBRA downgrades the rating of the Class F certificate to D (sf) from C (sf) for MSBAM 2014-C19, a $79.1 million CMBS conduit transaction, following realized losses incurred from the resolution of the PacStar Retail Portfolio asset ($41.9 million loan balance at disposition) as reflected in the June 2026 remittance report. The asset consisted of Yards Plaza, a 260,481 sf retail center located in Chicago and Willowbrook Court Shopping Center, a 137,650 sf retail center located in Houston. An appraisal dated August 2025 valued the property at $12.4 million ($31 per sf), representing an 82.2% decrease from closing ($69.6 million; $175 per sf). The loan was liquidated for net proceeds totaling $17.4 million. As of the June 2026 distribution date, liquidation expenses totaled $9.0 million, resulting in a loss of $33.5 million (65.3% loss severity of original balance), all of which was applied to the remaining transaction certificate balance. The loss was generally in line with KBRA's expectations as reflected in our November 2025 surveillance report.

According to the June 2026 remittance report, cumulative principal losses on the transaction totaled $51.9 million. Following the liquidation of the PacStar Retail Portfolio asset, the certificate balance for the Class G was reduced to zero and the principal balance of Class F was reduced to $13.0 million (50.6% of the original certificate balance).

KBRA's other outstanding ratings for the transaction are unchanged at this time.

Rating Sensitivities

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.

Related Publication

Methodologies

Disclosures

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.

Doc ID: 1015891