KBRA Affirms All Ratings for COMM 2014-CCRE19
4 Jun 2026 | New York
KBRA affirms all of its outstanding ratings for COMM 2014-CCRE19, a CMBS conduit transaction. The transaction has been reduced to two assets with an aggregate balance of $57.8 million, from 68 loans totaling $1.2 billion at securitization. The rating actions are based on our identification of both assets as KBRA Loans of Concern (K-LOCs); our estimated losses of $15.9 million (which, if realized, would impact the non-rated Class H certificates) and corresponding recoveries; realized losses totaling $20.9 million, which were allocated to Class H; and current interest shortfalls also affecting the Class H certificates.
As of the May 2026 remittance period, the larger of the remaining assets, 866 Third Avenue Retail (68.3% of the pool balance), is scheduled to mature in August 2026. The smaller of the two assets, Century Plaza (31.7%), is expected to be resolved in the near term via a receivership sale of the collateral property. Both K-LOCs have estimated losses. Additional details for the two loans are outlined below.
866 Third Avenue Retail ($39.5 million, 68.3%, Modification, Current)
- The loan is collateralized by a 17,624 sf retail condominium situated within a 30-story, mixed-use building located in the Midtown East submarket of New York City’s borough of Manhattan. The retail condominium unit comprises four suites with ground-floor and basement spaces. Within the condominium regime, floors three to 11 are used by the Memorial Sloan Kettering Cancer Center and floors 14 through 30 are operated as a 320-key Courtyard by Marriott.
- The loan transferred to the special servicer in May 2024 due to imminent maturity default ahead of the loan’s original August 2024 maturity date. The loan was modified in December 2024 and returned to the master servicer in April 2025. Modification terms included a two-year maturity extension through August 2026, establishment of a cash trap, and stipulation to a judgment of foreclosure in the event of a future default, among other items. The loan has been current on payments since its return to the master servicer. The servicer reported an occupancy and DSC of 100% and 0.57x for YTD September 2025.
- In the event of another default at the loan’s extended maturity date, KBRA estimated that the loan could experience a loss given default of $7.6 million (19.4% estimated loss severity). The estimated loss is based on a KBRA liquidation value of $32.0 million ($1,772 per sf), which aligns with the high end of a range of BOVs sourced by the servicer, and projected total exposure of $39.6 million.
Century Plaza ($18.3 million, 31.7%, Specially Serviced, Matured Non-Performing)
- The loan is collateralized by a 169,267 sf office property located in Columbia, Maryland, approximately 20 miles southwest of Baltimore.
- The loan transferred to the special servicer in July 2024 due to maturity default. A receiver was appointed to the collateral in February 2025. A receivership sale was approved and closed in early May 2026, and a resolution of the asset is expected in the near term. The servicer reported an occupancy and DSC of 71.0% and 0.61x for FY 2025.
- KBRA’s analysis resulted in an estimated loss of $8.3 million (45.3% estimated loss severity). The estimated loss is based on the receivership sales price and projected total exposure of $20.3 million.
Details concerning the rating affirmations are as follows:
- Class E at BB- (sf)
- Class F at CCC (sf)
- Class G at CC (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.