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KBRA Affirms All Ratings for MSBAM 2014-C18

7 Apr 2026   |   New York

Contacts

KBRA affirms all outstanding ratings for MSBAM 2014-C18. The conduit transaction has been reduced to two assets and a balance of $24.0 million from 65 loans and $1.03 billion at securitization. Each of the remaining assets have been identified as KBRA Loans of Concern (K-LOC). The affirmations are based on KBRA's estimated losses of $15.0 million (which, if realized, would impact class F and below), which remain in line with last review, and the expected resolutions of the remaining loans. The servicer has deemed one loan non-recoverable.

As of the March 2026 remittance period, one loan (70.6%) has a non-performing matured balloon status, and one (29.4%) has a performing matured balloon status. The details of the loans are outlined below.

25 Taylor ($16.9 million, 70.6%, K-LOC, Specially Serviced, Non-Performing Matured Balloon)

  • The loan is collateralized by a 51,217 sf portion of 25 Taylor, a 151,058 sf Class-B building that is part of a two-unit condominium structure that consists of office space on the upper six floors of the building and 2,420 sf of ground level space. The subject is located in the San Francisco CBD.
  • The loan transferred to special servicing in February 2023 and failed to pay off at its September 2024 maturity. WeWork (96.7% of collateral sf) vacated the subject in 2021, dropping physical occupancy to 3.3%. The loan was deemed non-recoverable in October 2024. A receiver has been appointed at the property. An offer to purchase the property out of receivership was received, and pending execution of the PSA and court approval, the sale will be completed.
  • The subject was reappraised for $7.4 million ($144 per sf) in November 2025, a 73.6% decline from $28.1 million ($549 per sf) at issuance. As a result, an ARA of $11.3 million was assigned in December 2025, resulting in a cumulative ASER of $637,642. KBRA's analysis resulted in an estimated loss of $13.5 million on a whole loan balance of $16.9 million (79.7% estimated loan severity). The loss is based on a KBRA liquidation value of $5.5 million ($107 per sf) and projected total exposure of $19.0 million. The value considers a distressed non-stabilized disposition of the asset.

Lafayette Center ($7.1 million, 29.4%, K-LOC , Specially Serviced, Performing Matured Balloon)

  • The loan is collateralized by a 48,968 sf office property located in Chantilly, Virginia.
  • The loan transferred to the special servicer in February 2024 ahead of its September 2024 maturity. The loan was modified, extending the maturity date to September 2025 and converting the loan to IO during the extended period. The borrower exercised a one year extension option, further extending maturity to September 2026. The borrower has stabilized the property to 100% occupancy, increased from 41.7% at last review. According to special servicer commentary, a full payoff is expected at the new loan maturity.
  • The servicer-reported the property's occupancy and DSC were 100.0% and 0.64x as of September 2025.
  • The subject was reappraised for $8.4 million ($172 per sf) in June 2025, a 26.3% decline from $11.4 million ($233 per sf) at issuance. If the loan does not pay off as expected, KBRA's analysis resulted in an estimated loss of $1.5 million on a whole loan balance of $7.1 million (21.3% estimated loss severity). The loss is based on a KBRA liquidation value of $6.3 million ($129 per sf) and projected total exposure of $7.8 million. The value considers a distressed non-stabilized disposition of the asset.

Details concerning the ratings affirmations are as follows:

  • Class E at CCC (sf)
  • Class F at C (sf)

Rating Sensitivities

Future rating actions will be dependent upon the ongoing assessment of the timing and likelihood of ultimate payment of principal and accrued interest on the rated certificates. The assessment will consider the expected and actual losses on the remaining assets in the transaction, as well as, the magnitude and extent of interest shortfalls, if any,on the certificates.

To access ratings and relevant documents, click here.

Related Publication

Methodologies

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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