KBRA Affirms All Ratings for CGCMT 2018-C6
1 Nov 2024 | New York
KBRA affirms all of its outstanding ratings for CGCMT 2018-C6, a $693.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since securitization.
As of the October 2024 remittance period, there are three specially serviced loans (9.1% of the pool balance), of which two are 90+ days delinquent (4.8%) and one is performing (4.3%).
KBRA identified eight K-LOCs (30.1%), including the specially serviced assets, two of which have estimated losses (7.1%). The K-LOCs include four top 10 loans (23.6%):
- DUMBO Heights Portfolio (largest; 9.2% of the pool balance)
- Cambridge Corporate Center (3rd largest; 6.2%; 11.8% loss severity given default)
- Shelbourne Global Portfolio I (7th largest; 4.3%)
- Holiday Inn FiDi (9th; 3.9%)
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 98.4%, compared to 102.4% at last review and 99.7% at issuance. The KDSC is 1.68x, compared to 1.64x at last review and 1.74x at issuance.
To access ratings and relevant documents, click here.
Click here to view the report.