KBRA Downgrades One Rating for MSBAM 2014-C18 to D (sf) Following Realization of Principal Losses
6 Aug 2026 | New York
KBRA downgrades the rating of the Class F certificate to D (sf) from C (sf) for MSBAM 2014-C18, a $7.1 million CMBS conduit transaction, following realized losses incurred from the resolution of the 25 Taylor asset ($16.9 million loan balance at disposition) as reflected in the July 2026 remittance report. The loan is collateralized by a 51,217 sf portion of 25 Taylor, a 151,058 sf Class-B building located in the San Francisco CBD. The loan was liquidated for net proceeds totaling $9.9 million. As of the July 2026 distribution date, liquidation expenses totaled $5.0 million, resulting in a loss of $16.9 million. The loss was generally in line with KBRA's expectations in the April 2026 review.
According to the July 2026 remittance report, cumulative principal losses on the transaction totaled $44.1 million. Following the liquidation of the 25 Taylor asset, the certificate balance for the Class F was reduced to $4.9 million (27.3% of the original certificate balance).
KBRA's other outstanding ratings for the transaction are unchanged at this time.
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.
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