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KBRA Affirms All Ratings for Benchmark 2019-B14

16 Sep 2026   |   New York

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KBRA affirms all of its outstanding ratings for Benchmark 2019-B14, a $1.1 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable transaction performance since KBRA’s last ratings change in November 2025.

As of the August 2026 remittance report, there are six specially serviced assets (18.7% of the pool balance), of which three (7.1%) are in foreclosure and two (8.2%) are matured non-performing. KBRA identified eleven K-LOCs (35.7%), including the specially serviced assets. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 1 Watergate Office Building OF $73,000 6.4% N C N Tenant Rollover 11/06/2023 $11,500 15.8% 2A1 225 Bush OF $60,000 5.3% Y NPM N Specially Serviced 03/01/2022 - - 3 Innovation Park OF $60,000 5.3% N C N Occupancy 12/13/2024 $17,065 28.4% 11 900 & 990 Stewart Avenue OF $39,000 3.4% Y FCL Y Specially Serviced 09/06/2023 $13,943 35.8% 12 Hilton Cincinnati Netherland Plaza LO $33,103 2.9% Y NPM N Specially Serviced 05/12/2020 $26,053 78.7% 17 Jersey City Group 1 MF $31,182 2.7% Y FCL N Specially Serviced 11/30/2022 $2,156 6.9% 18 Jersey City Group 3 MF $30,268 2.7% Y FCL N Specially Serviced 11/30/2022 $1,481 4.9% 23 8 West Centre OF $22,572 2.0% N C N Low DSC 11/02/2023 - - 28 Sunset North OF $20,000 1.8% N C N Occupancy 01/30/2025 $3,873 19.4% 30 City Hyde Park MU $19,442 1.7% N C N Low DSC 10/14/2024 - - 27 The Rockland MF $19,431 1.7% Y FCL N Specially Serviced 07/09/2025 - - Total K-LOCs $407,999 35.7% $76,071 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 transaction's WA KLTV is 105.2%, compared to 107.1% at the last ratings change and 101.5% at issuance. The WA KDSC is 1.95x, compared to 1.91x at the last rating change and 2.13x at issuance.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

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