KBRA Affirms All Ratings for CFCRE 2017-C8
9 May 2025 | New York
KBRA affirms all of its outstanding ratings for CFCRE 2017-C8, a $518.8 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 May 2021.
As of the April 2025 remittance period, there are two specially serviced assets (7.1% of the pool balance), of which one (3.0%) is REO. KBRA identified 11 K-LOCs (33.1%), including the specially serviced assets. Of the K-LOCs, three (11.9%) have estimated losses. These include:
Four top 10 loans (22.6%):
- Pershing Square Building (2nd largest, 8.5% of the pool balance, 22.2% estimated loss severity)
- Crossings at Hobart (3rd largest, 6.9%)
- Flats East Bank Phase 1 (9th largest, 4.1%)
- MVP Parking Portfolio (10th largest, 3.1%)
Two other K-LOCs have estimated losses (3.5%):
- 340 Bryant (3.0%, 68.4%)
- Best Western Syracuse-Liverpool (0.5%, 19.0%)
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 96.0%, compared to 105.2% at KBRA's last ratings change and 100.7% at securitization. The KDSC is 1.49x, compared to 1.39x at KBRA's last ratings change and 1.52x at securitization.
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