KBRA Affirms All Ratings for BANK 2018-BNK15
11 Oct 2024 | New York
KBRA affirms all of its outstanding ratings for BANK 2018-BNK15, a $988.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the September 2024 remittance period, there is one (0.1% of the pool balance) specially serviced loan, which is 90+ days delinquent. KBRA identified six K-LOCs (9.1%), one (3.4%) of which has an estimated loss. These include one top 10 loan:
- Harvard Park (7th largest, 3.4% of the pool balance, 16.0% estimated loss severity)
The remaining five K-LOCs do not have estimated losses and represent 5.7% of the pool.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 90.2%, compared to 86.8% at last review and 86.1% at securitization. The KDSC is 2.19x, compared to 2.23x at last review and 2.18x at issuance.
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