KBRA Affirms All Ratings for CGCMT 2018-C5
2 May 2025 | New York
KBRA affirms all of its outstanding ratings for CGCMT 2018-C5, a $549.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable performance since securitization.
As of the April 2025 remittance period, there are no delinquent or specially serviced assets. However, KBRA identified three K-LOCs (7.0% of the pool balance), of which two (6.0%) have estimated losses. This includes one top 10 loan:
- 650 South Exeter Street (4th largest, 4.5% of the pool balance, 10.2% estimated loss severity)
One additional K-LOC has an estimated loss:
- Roundtree Place (1.4%, 22.5%)
The remaining K-LOC does not have an estimated loss and represents 1.0% of the pool balance.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 95.2%, compared to 95.9% at last review and 95.0% at securitization. The KDSC is 1.94x, compared to 1.88x at last review and 2.04x at securitization.
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