KBRA Affirms All Ratings for WFCM 2018-C46
9 Aug 2024 | New York
KBRA affirms all of its outstanding ratings for WFCM 2018-C46, a $556.9 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 August 2021.
As of the July 2024 remittance period, there are three specially serviced assets (6.8% of the pool balance), one of which (3.7%) is in foreclosure, one (1.7%) is REO, and one (1.4%) is matured performing.
KBRA identified six K-LOCs (21.5%), three of which (11.7%) have estimated losses. These include:
Three of the top 10 loans (16.6%):
- Fair Oaks Mall (3rd largest, 6.6%)
- Silver Spring Plaza (4th largest, 6.3%, 10.6% estimated loss severity)
- Constitution Plaza (6th largest, 3.7%, 8.8%)
One other K-LOC has an estimated loss:
- 2415 Mission Street (1.7%, 29.7%)
The remaining two K-LOCs do not have estimated losses and represent 3.2% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 96.0%, compared to 114.1% at KBRA's last ratings change and 99.6% at securitization. The KDSC is 1.60x, compared to 1.43x at KBRA's last ratings change and 1.64x at securitization.
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