Press Release|CMBS
View PDF

KBRA Affirms All Ratings for Benchmark 2018-B8

14 Nov 2025   |   New York

Contacts

KBRA affirms all outstanding ratings of Benchmark 2018-B8, a $942.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since the last ratings change in November 2024.

As of the October 2025 remittance period, there is one specially serviced loan (4.2% of the pool balance), which is nonperforming matured. KBRA identified 11 K-LOCs (39.7%), including the specially serviced asset. Of the K-LOCs, five loans (21.4%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 3 Embassy Suites Anaheim LO $56,000 5.9% N C Y DSCR 11/03/2025 - - 4A1A2 Saint Louis Galleria RT $53,307 5.7% N C N Lease Rollover 03/23/2021 $7,360 13.8% 6 590 East Middlefield OF $48,750 5.2% N C N Prior SS 01/14/2022 $19,932 40.9% 7 3 Huntington Quadrangle OF $47,000 5.0% N C N Occupancy 08/13/2021 $18,067 38.4% 9A9B Workspace MU $40,000 4.2% Y NPM N Specially Serviced 05/16/2023 - - 11 Crowne Plaza Melbourne LO $35,118 3.7% N C Y Occupancy 03/06/2025 - - 16A1 5444 & 5430 Westheimer OF $30,000 3.2% N C N Occupancy 03/07/2023 $17,107 57.0% 15A3A DUMBO Heights Portfolio OF $27,322 2.9% N C Y Modification 02/01/2023 - - 20 Missouri Falls OF $22,770 2.4% N C N Occupancy 12/14/2023 $34 0.1% 34 1076 Riverdale RT $9,112 1.0% N C N Bankruptcy 07/07/2025 - - 41 Anthem Eastside Shops RT $4,493 0.5% N C N Maturity 06/13/2025 - - Total K-LOCs $373,872 39.7% $62,499 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the WA KLTV is 92.2%, compared to 94.5% at last review and 94.7% a securitization. The KDSC is 1.77x, compared to 1.86x at last review and 1.89x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1012295

Connect with KBRA

805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2025 KBRA Holdings, LLC and/or its affiliates. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.

Sitemap•Terms of Use•Privacy Notice•Cookie Policy••Regulatory•Report a Concern