DBRS Confirms All Classes in COMM 2014-LC15 Mortgage Trust

DBRS, Inc. (DBRS) has today confirmed the following classes of COMM 2014-LC15 Mortgage Trust:

-- Classes A-1, A-2, A-3, A-4, A-M, A-SB, X-A, X-B and X-C at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class PEZ at A (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (low) (sf)

The trend for all classes is Stable.

The confirmations reflect the continued performance of the pool according to DBRS’s expectations. This transaction closed on March 25, 2014, and consists of 48 fixed-rate loans secured by 197 commercial and multifamily properties. The pool has experienced a collateral reduction of approximately 0.7% since issuance as a result of amortization.

As of the February 2015 remittance, there are two loans on the servicer’s watchlist representing 1.9% of the current pool balance. The largest is University Center/Centre Circle (Prospectus ID#20, 1.2% of the current pool balance). This loan is secured by a mixed use development consisting of two properties located in Downer’s Grove, Illinois. The collateral is occupied mainly by retail and industrial tenants, and the Q3 2014 occupancy was reported to be 98%. The largest tenant, representing 34.6% of the NRA, executed a lease in March 2014 that included a six-month abatement period. This loan was flagged for the servicer’s watchlist in October 2014 as a result of a low debt service coverage ratio, which is expected to improve now that the rental abatement period for the property’s largest tenant has burned off.

DBRS continues to monitor this transaction in its Monthly CMBS Surveillance Report, with additional information on the DBRS viewpoint for this transaction, including details on the largest loans in the pool, the loans in special servicing and the loans on the servicer’s watchlist. The February 2015 Monthly Surveillance Report for this transaction will be published shortly. If you are interested in receiving this report, contact us at info@dbrs.com.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American Surveillance (January 2015), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.