KBRA Downgrades Two Ratings of COMM 2014-UBS3 to D (sf) Following Realization of Principal Losses

KBRA downgrades the ratings of the F and G certificates to D (sf) for COMM 2014-UBS3, a $217.8 million CMBS conduit transaction, following realized losses incurred from the resolution of the 1100 Superior Avenue REO asset ($52.5 million balance at issuance) as reflected in the October 2025 remittance report. The asset, a 576,766 sf Class-A office building in Cleveland, Ohio, was liquidated in October 2025 for $11.3 million, resulting in a realized loss of $45.1 million (85.9% loss severity). A January 2025 appraisal valued the asset at $15.5 million ($27 per sf), a 77.8% decline from $70.0 million ($121 per sf) at issuance.

According to the October 2025 remittance report, cumulative principal losses on the transaction totaled $62.8 million. The G class has been reduced to zero and the principal balance of Class F has been reduced by $2.1 million (12.1% of the original certificate balance).

KBRA's other outstanding ratings are unchanged at this time.

Details concerning the ratings adjustments are as follows:

To access ratings and relevant documents, click here.

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