KBRA Affirms All Ratings for CSAIL 2018-C14
8 Nov 2024 | New York
KBRA affirms all of its outstanding ratings for CSAIL 2018-C14, a $645.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA's last ratings change in November 2023.
As of the October 2024 remittance period, there are two specially serviced assets (13.1%), of which one (3.9%) is 90+ days delinquent. KBRA identified eight K-LOCs (21.6%), including the specially serviced assets. These include two of the Top 10 loans (13.1%):
- Continental Towers (2nd largest, 9.2% of the pool balance, 36.7% estimated loss severity)
- Holiday Inn FiDi (8th largest, 3.9%)
One other K-LOC has an estimated loss:
- 1010 Bush (1.2%, 7.5% estimated loss severity)
The remaining five K-LOCs represent 7.3% of the pool balance, none of which have estimated losses.
Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 91.2%, compared to 93.6% at KBRA's last ratings change and 94.0% at securitization. The KDSC is 1.88x, compared to 1.89x at KBRA's last ratings change and 1.93x at securitization.
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