KBRA Affirms All Ratings for COMM 2015-LC21
3 May 2024 | New York
KBRA affirms all of its outstanding ratings for COMM 2015-LC21, a $908.8 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 2022.
As of the April 2024 remittance period, there are two specially serviced assets (5.9% of the pool balance), including one REO asset (1.8%). KBRA identified 10 K-LOCs (24.6%), including the specially serviced assets. These include:
Four of the top 10 loans (16.4%):
- Courtyard by Marriott Pasadena (largest, 6.8% of the pool balance)
- Meridian at Brentwood (2nd largest, 4.1%)
- Santa Monica Clock Tower (5th largest, 2.9%, 38.7% estimated loss severity)
- Delaware Corporate Center I & II (7th largest, 2.6%)
One other K-LOC has an estimated loss:
- Honeywell Building (1.8%, 63.3%)
The remaining five K-LOCs do not have estimated losses and represent 6.3% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 107.9%, compared to 122.3% at KBRA's last ratings change and 103.6% at securitization. The WA KDSC is 1.44x, compared to 1.31x at KBRA's last ratings change and 1.96x at securitization.
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