KBRA Affirms All Ratings for MSC 2018-H4
15 Nov 2024 | New York
KBRA affirms all of its outstanding ratings for MSC 2018-H4, a $731.1 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 December 2021.
As of the October 2024 remittance period, there are two specially serviced assets (9.5% of the pool balance), one of which is 90+ days delinquent (5.5%) while the other is REO (4.0%). KBRA identified 15 K-LOCs (24.7%), including the specially serviced assets. These include:
Two top 10 assets:
- Fordham Medical Office Portfolio (5th largest, 5.5%)
- 300 North Greene (6th largest, 4.0%, 25.5% estimated loss severity)
Four additional K-LOCs have estimated losses (5.5%):
- One Sound Shore (1.8%, 9.2%)
- Fairfield Inn Perimeter Center (1.6%, 11.0%)
- 1714 West Division Street (1.2%, 16.3%)
- Fairfield Inn Alpharetta (0.7%, 12.5%)
The remaining nine K-LOCs do not have any estimated losses and represent 9.8% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 100.4%, compared to 100.6% at last review and 97.6% at securitization. The KDSC is 1.60x, compared to 1.61x at last review and 1.69x at securitization.
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