KBRA Affirms All Ratings for BANK 2018-BNK12
1 May 2025 | New York
KBRA affirms all of its outstanding ratings for BANK 2018-BNK12, an $836.4 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.
As of the April 2025 remittance period, there are no delinquent or specially serviced loans in the pool. KBRA has identified seven K-LOCs (20.3% of the total pool balance), one of which (1.7%) has an estimated loss. These include:
Two of the top 10 loans (15.1%)
- Fair Oaks Mall (3rd largest, 8.5%)
- The Gateway (7th largest, 6.6%)
One K-LOC (1.7%) has an estimated loss:
- Hampton & Homewood Suites Memphis (1.7%, 22.4% estimated loss severity)
The remaining four K-LOCs represent 3.5% of the pool balance and do not have any estimated losses.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 90.5%, compared to 88.0% at last review and 85.4% at securitization. The WA KDSC is 2.41x, compared to 2.39x at last review and 2.49x at issuance.
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