KBRA Affirms All Ratings for BANK 2018-BNK12
3 May 2024 | New York
KBRA affirms all of its outstanding ratings for BANK 2018-BNK12, an $851.5 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 2024 remittance period, there is one specially serviced loan (8.5% of the pool balance), which is current. KBRA has identified four K-LOCs (18.8%), including the specially serviced loan. These include:
Two of the top 10 loans (15.0%):
- Fair Oaks Mall (3rd largest, 8.5%)
- The Gateway (7th largest, 6.5%)
The remaining two K-LOCs do not have estimated losses and represent 3.8% of the pool balance.
The transaction’s WA KLTV is 88.0% compared to 89.3% at last review and 85.4% at securitization. The WA KDSC is 2.39x compared to 2.38x at last review and 2.49x at issuance.
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