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KBRA Downgrades Seven Ratings and Affirms All Other Outstanding Ratings for Benchmark 2019-B14

14 Nov 2025   |   New York

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KBRA downgrades the ratings of seven classes and affirms all other outstanding ratings for Benchmark 2019-B14, a $1.2 billion CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited an increase in KBRA's estimated losses on eight of the K-LOCs (27.8% of the pool balance). However, the top of the transaction’s capital structure has benefitted from deleveraging from loan payoffs, amortization, and defeasance. The downgraded classes include two of the rake certificates related to the 225 Bush companion loan, as a result of declining financial performance of the underlying asset.

As of the October 2025 remittance report, there are five specially serviced assets (13.6%), of which two (5.1%) are in foreclosure, one (0.5%) is 90+ days delinquent, and two (8.0%) are matured non-performing. KBRA identified fifteen K-LOCs (44.2%), including the specially serviced assets. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 1 Watergate Office Building OF $73,000 6.3% N C N Occupancy 11/06/2023 $12,901 17.7% 2A1 225 Bush OF $60,000 5.2% Y NPM N Specially Serviced 03/30/2022 $25,400 42.3% 3 Innovation Park OF $60,000 5.2% N C N Occupancy 12/13/2024 $15,634 26.1% 4A11 The Essex MU $56,900 4.9% N C N DSCR 05/05/2021 - - 11 900 & 990 Stewart Avenue OF $39,000 3.4% Y FCL N Foreclosure 09/06/2023 $16,053 41.2% 12 Hilton Cincinnati Netherland Plaza LO $33,103 2.9% Y NPM N Non-Performing Maturity Balloon 05/12/2020 $17,855 53.9% 17 Jersey City Group 1 MF $31,604 2.7% N C N Recent Delinquency 11/30/2022 $268 0.8% 18 Jersey City Group 3 MF $30,677 2.6% N C N Delinquent 11/30/2022 - - 16 221 West 29th St MF $30,336 2.6% N C N DSCR 02/01/2021 - - 23 8 West Centre OF $23,047 2.0% N C N DSCR 11/02/2023 - - 28 Sunset North OF $20,000 1.7% N C N Occupancy 01/30/2025 $3,707 18.5% 27 The Rockland MF $19,732 1.7% Y FCL N Delinquent 07/09/2025 - - 30 City Hyde Park MU $19,702 1.7% N C N IO Expiration 10/14/2024 - - 41 Pioneer Plaza RT $10,254 0.9% N C N DSCR 07/15/2025 - - 48 Studio Movie Grill Chicago RT $5,259 0.5% Y 90+ N Specially Serviced 11/02/2023 $4,376 83.2% Total K-LOCs $512,613 44.2% $96,194 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 107.1%, compared to 105.8% at the last ratings change in November 2024 and 101.5% at issuance. The WA KDSC is 1.91x, compared to 1.96x at the last ratings change and 2.13x at issuance.

Details concerning the ratings adjustments are as follows:

  • Class D to BB- (sf) from BBB (sf)
  • Class E to B- (sf) from BB- (sf)
  • Class F-RR to CCC (sf) from B- (sf)
  • Class G-RR to CC (sf) from CCC (sf)
  • Class X-D to B- (sf) from BB- (sf)
  • Class 225B-A to CC (sf) from CCC (sf)
  • Class 225B-B to C (sf) from CC (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

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.

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