Fitch Affirms COMM 2014-CCRE20 Mortgage Trust
KEY RATING DRIVERS
The affirmations are based on the stable performance of the underlying collateral pool. As of the October 2015 distribution date, the pool has had no delinquent or specially serviced loans. The pool's aggregate principal balance has been paid down by 0.73% to $1.17 billion from $1.18 billion at issuance.
The largest loan of the pool (10.2% of the pool) is secured by Gateway Center Phase II, a 602,164-sf retail power canter located in Brooklyn, NY. As of June 2015, the property was 100% occupied by 32 tenants, including JC Penney (20.6% NRA), Shoprite (14.9% NRA), and Burlington Coat Factory (12.3% NRA).
The second largest loan (9.8% of the pool) is secured by The Intercontinental Miami, a 641-key full service hotel located within the Miami CBD, adjacent to Miami's Bayfront Park. The property was constructed in 1982 and is comprised of a 36-story building and a lower level parking garage. The property recently completed an extensive renovation between 2011 and 2013 for a total cost of $31.5 million ($49,136/key). According to the August 2015 STR report, the subject's trailing 12 month occupancy, ADR and RevPAR for the 12 months ended July 2015 was 84.7%, $202, and $171, respectively.
The third largest loan (7.1% of the pool) is secured by a 403-key full service hotel located adjacent to the Hartsfield-Jackson Atlanta International Airport. The property was constructed in 2010 and has LEED Silver certification. The property was 84% occupied as of June 2015.
The Rating Outlook for all classes remains Stable. Due to the recent issuance of the transaction and stable performance, Fitch does not foresee positive or negative ratings migration until a material economic or asset-level event changes the transaction's portfolio-level metrics.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.
Fitch has affirmed the following classes:
--$48.4 million class A-1 at 'AAAsf'; Outlook Stable;
--$99 million class A-2 at 'AAAsf'; Outlook Stable;
--$79.1 million class A-SB at 'AAAsf'; Outlook Stable;
--$275 million class A-3 at 'AAAsf'; Outlook Stable;
--$317.7 million class A-4 at 'AAAsf'; Outlook Stable;
--$882.7 million interest-only class X-A at 'AAAsf'; Outlook Stable;
--$63.6 million class A-M at 'AAAsf'; Outlook Stable;
--$57.7 million class B at 'AA+sf'; Outlook Stable;
--$199.6 million class PEZ at 'A-sf'; Outlook Stable;
--$78.3 million class C at 'A-sf'; Outlook Stable;
--$136 million interest-only class X-B at 'A-sf'; Outlook Stable;
--$60.6 million class D at 'BBB-sf'; Outlook Stable;
--$60.6 million interest-only class X-C at 'BBB-sf'; Outlook Stable;
--$26.6 million class E at 'BB-sf'; Outlook Stable;
--$11.8 million class F at 'B-sf'; Outlook Stable.
Fitch does not rate class G, class H, interest only class X-D, interest only class X-E, interest only class X-F and the interest-only class X-G certificates.
Class A-M, B and C certificates may be exchanged for class PEZ certificates, and class PEZ certificates may be exchanged for class A-M, B, and C certificates.