KBRA Affirms All Ratings for UBS 2018-C10
10 May 2024 | New York
KBRA affirms all of its outstanding ratings for UBS 2018-C10, a $678.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable performance compared to securitization.
As of the April 2024 remittance period, there are three specially serviced assets (1.6% of the pool balance), of which one (0.6%) is REO, one (0.4%) is in foreclosure and one (0.5%) is 30 days delinquent. KBRA identified five K-LOCs (8.3%), including the three specially serviced assets. The K-LOCs include two top 10 loans (6.8%):
- Manchester Highlands (8th largest, 3.7% of the pool balance)
- Port Atwater Parking (10th largest, 3.1%)
One K-LOC has an estimated loss:
- Westpark Hudson (0.6%, 75.9% estimated loss severity, REO)
The remaining two K-LOCs do not have estimated losses and represent 1.0% of the pool balance.
Excluding the K-LOC with an estimated loss, the transaction’s WA KLTV is 107.1%, compared to 105.2% at last review and 103.2% at securitization. The KDSC is 1.57x, compared to 1.58x at last review and 1.61x at securitization.
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