KBRA Places the Ratings of Five Classes of COMM 2014-CCRE15 on Watch Downgrade

KBRA places the ratings of five classes of COMM 2014-CCRE15, a CMBS conduit transaction, on Watch Downgrade.

The Watch placements are based on an increase in interest shortfalls and concentration of specially serviced assets and K-LOCs. Currently, interest shortfalls are affecting up to and including the Class D certificates. KBRA considered the likelihood of interest shortfalls continuing and reaching higher in the capital structure during the resolution of the specially serviced assets.

As of the September 2025 remittance period, five loans remain in the pool, all of which have been identified as K-LOCs. Three loans (45.5% of the pool) are currently specially serviced, including two (37.8%) in foreclosure. The 25 West 45th Street loan (2nd largest, 32.6%) did not pay interest for the August 2025 and September 2025 remittance periods, which is the primary cause of interest shortfalls reaching higher in the capital structure compared to previous months. The loan has been deemed non-recoverable by the servicer.

KBRA will continue to monitor the transaction and the underlying loans’ performance and will seek to resolve or update the Watch Downgrade status within 90 days.

Details concerning the classes with ratings placed on Watch are as follows:

To access ratings and relevant documents, click here.

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