KBRA Affirms All Ratings for COMM 2014-CCRE20
4 Sep 2026 | New York
KBRA affirms all of its outstanding ratings for COMM 2014-CCRE20, a CMBS conduit transaction. The transaction has been reduced to two assets with an aggregate balance of $68.3 million, from 64 loans totaling $1.2 billion at securitization. The rating actions are based on estimated losses of $39.4 million from the Harwood Center REO asset (76.8% of the pool balance) and corresponding recoveries; realized losses totaling $72.0 million, which were allocated to classes E, F, G and H; and cumulative interest shortfalls of $6.6 million affecting class D certificates and below. If realized, estimated losses would reduce the principal balance of the class E certificates to zero and reduce the principal balance of the class D certificates by 36.9%.
As of the August 2026 remittance period, two assets remain in the pool. Harwood Center is an REO asset that has been determined to be non-recoverable by the servicer. U-Haul Pool 3 (23.2%) is a fully-amortizing 20-year loan. Additional details of the remaining assets are outlined below.
Harwood Center ($52.5 million, 76.8%, Specially Serviced, REO)
- The asset comprises fee and leasehold interests in a 723,963 sf, Class-A office property located in the CBD of Dallas, Texas. The property includes a 36-story office tower and an attached nine-story parking garage, together providing 744 parking spaces.
- The asset transferred to special servicing in May 2020 for imminent monetary default due to occupancy concerns, and the trust acquired the title to the property in November 2021. The asset was marketed for sale in September 2025; however, the sale failed to materialize. According to the servicer, a lobby refresh was completed in February 2026, and leasing efforts are ongoing in anticipation for a mid-2027 disposition. The REO holding period for this asset ends in December 2027. According to the March 2026 rent roll, the property was 48.9% leased.
- An appraisal dated June 2026 valued the property at $97.7 million ($41 per sf), which is 76.0% below the $124.0 million ($171 per sf) appraisal value at issuance. The asset was deemed non-recoverable in April 2024, resulting in cumulative non-recoverable interest of $5.2 million for the COMM 2014-CCRE20 securitization. KBRA's analysis resulted in an estimated loss of $59.3 million (75.2% estimated loss severity) on the aggregate outstanding balance of $78.8 million, of which $39.4 million of the estimated loss is allocated to this transaction. The estimated loss is based on a KBRA liquidation value of $27.6 million ($39 per sf), which considers a non-stabilized distressed disposition of the asset.
U-Haul Pool 3 ($15.8 million, 23.2%)
- The loan is collateralized by a portfolio of 17 self-storage properties totaling 368,944 sf. The properties are located throughout 14 states across the United States. The 20-year fully-amortizing loan has been current on payments throughout its term and is scheduled to mature in September 2034.
- According to the December 2025 rent rolls, the portfolio was 79.2% leased. The servicer reported an occupancy and DSC of 85.0% and $8.3 million for the TTM March 2026. The servicer-reported DSC for the period was 3.60x.
Details concerning the rating affirmations are as follows:
- Class D at CC (sf)
- Class E at D (sf)
- Class F at D (sf)
- Class G at D (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.