Press Release|CMBS
KBRA Affirms All Ratings for COMM 2014-UBS6
23 Oct 2026 | New York
KBRA affirms all of its outstanding ratings for COMM 2014-UBS6, a CMBS conduit transaction. The transaction has been reduced to seven assets with an aggregate balance of $124.1 million, from 89 loans totaling $1.3 billion at securitization. One of the remaining assets ($16.1 million, 13.0% of the pool balance) is defeased and is scheduled to mature in 2034. All of the remaining non-defeased assets have been identified as K-LOCs. The rating actions are based on estimated losses of $53.1 million associated with five assets (82.3%) and corresponding recoveries; realized losses totaling $29.8 million, which are allocated to the class H certificates; and cumulative interest shortfalls of $7.4 million affecting classes E certificates and below. If realized, the estimated losses would reduce the principal balances of classes G and H to zero and the class F certificates by 69.1%.
As of the October 2026 remittance period, six assets ($108.0 million, 87.1%) are specially serviced, including two REO assets (46.3%), one loan in foreclosure (1.5%), and two non-performing matured balloon loans (12.0%). The remaining specially serviced asset (27.3%) is current on payments. The details of the specially serviced K-LOCs are below:
811 Wilshire ($33.8 million, 27.3%, Current)
- The loan is collateralized by a 336,190 sf, Class-A office building located in the Los Angeles CBD. The development is comprised of a 20-story building with a full-service restaurant and lounge on its top floor, ground floor retail space, and 24-hour security. The asset offers 321 parking spaces located in an adjacent parking garage.
- The loan transferred to the special servicer in November 2024 when the borrower failed to pay off the loan at its scheduled maturity in the same month. A forbearance agreement was executed in September 2026 with an effective date in November 2024 and expires in November 2026. Under the terms of the forbearance agreement, the borrower funded all closing costs and contributed $1.8 million into an all-purpose reserve account and $573,000 into a debt service reserve. The funds allocated to the all-purpose reserve account may be utilized for approved leasing costs and capital expenditures. The loan was brought current in September and the lender is not permitted to pursue foreclosure during the forbearance period.
- The servicer reported an occupancy of 36.0% and a DSC of 1.27x for FY 2024. An appraisal dated June 2026 valued the property at $40.5 million ($120 per sf), which is 40.4% below the $68.0 million ($202 per sf) appraised value at issuance. KBRA's analysis resulted in an estimated loss of $4.3 million (12.6% estimated loss severity). The estimated loss is based on a KBRA liquidation value of $30.2 million ($90 per sf) and projected total exposure of $34.5 million. The liquidation value is derived from a direct capitalization approach using a stabilized KNCF of $4.0 million, a stabilized occupancy rate of 65.0%, and a capitalization rate of 10.00%. KBRA adjusted this value downward by $9.3 million to account for TI/LC costs and income lost during the stabilization period.
Highland Oaks Portfolio ($30.6 million, 24.6%, REO)
- The REO asset, Highland Oaks I, is a 101,491 sf, Class-B office building located in Downers Grove, Illinois, approximately 20 miles west of the Chicago CBD. The property was constructed in 1980 and is located in a commercial hub that is easily accessible via Interstates 88 and 355. At issuance, the asset was part of a portfolio of two Class-B office buildings totaling 319,491 sf. The 218,000 sf Highland Oaks II property (77.0% of ALA at issuance) was sold at auction in August 2025 and was released from the trust in October, which resulted in a reduction of servicer advances and a principal curtailment of $845,000.
- The loan transferred to the special servicer in April 2023 for imminent default after the largest tenant, Health Care Service Corporation (formerly 69.4% of total base rent, 55.6% of total collateral sf), terminated its lease effective February 2023, although the tenant vacated the property in December 2022. Foreclosure was filed in October 2023, the asset was deemed non-recoverable in November 2023, and became REO in January 2025. The asset is listed for sale and will be included in a November 2026 auction. The asset was 66.1% leased according to the servicer's June 2026 rent roll.
- The servicer has not reported financials for this property since 2018. An appraisal dated April 2026 valued the asset at $5.3 million ($52 per sf), which is 53.1% below the $11.3 million ($111 per sf) appraisal value at issuance. As a result, the asset carries an ARA of $26.5 million. KBRA's analysis resulted in an estimated loss of $28.3 million (92.6% estimated loss severity). The estimated loss is based on a KBRA liquidation value of $3.8 million ($38 per sf) and projected total exposure of $32.1 million. The liquidation value is derived from an income capitalization approach using a stabilized KNCF of $481,809, a stabilized occupancy rate of 75.0%, and a capitalization rate of 12.00%. KBRA adjusted this value downward by $198,150 to account for TI/LC costs and income lost during the stabilization period.
8000 Maryland Avenue ($26.9 million, 21.6%, REO)
- The asset is a 15-story, 196,921 sf, Class-A office property located in Clayton, Missouri, approximately eight miles west of the St. Louis CBD. Constructed in 1983, the subject includes amenities such as a fitness center, mail room, food service, and restaurant as well as a five-story, 529-space parking garage adjacent to the office tower.
- The loan was transferred to the special servicer in February 2024 for imminent monetary default after the borrower indicated it would not be capable of paying off the loan at its November 2024 maturity. The was deemed non-recoverable by the servicer in September 2025, and the asset became REO in June 2026. The special servicer is focused on lease renewals and the property is not being marketed for sale. The asset was 65.6% leased as of March 2026, down from 80.7% at last review and 91.9% at securitization. The former largest tenant, Osprey Capital, LLC (previously 16.8% of total base rents, 11.8% of total collateral sf), vacated the property since last review and prior to its April 2026 lease expiration. Leases representing 39.4% of total base rent and 29.4% of total collateral sf are scheduled to expire through 2027.
- The servicer reported an occupancy of 65.6% and a DSC of 0.28x for FY 2025. An appraisal dated June 2026 valued the asset at $19.3 million ($98 per sf), which is 54.0% below the $42.0 million ($213 per sf) appraised value at issuance. As a result, the asset carries an ARA of $11.0 million. KBRA's analysis resulted in an estimated loss of $16.7 million (62.2% estimated loss severity). The estimated loss is based on a KBRA liquidation value of $13.8 million ($70 per sf) and projected total exposure of $30.5 million. The liquidation value is derived from a direct capitalization approach using a stabilized KNCF of $1.4 million, a stabilized occupancy rate of 80.0%, and a capitalization rate of 9.25%. KBRA adjusted this value downward by $1.7 million to account for TI/LC costs and income lost during the stabilization period.
Wyndham Garden Austin ($9.0 million, 7.3%, Non-Performing Matured Balloon)
- The loan is collateralized by a 210-key, full-service hotel located in Austin, Texas. The hotel operates under the Wyndham Garden flag and is subject to a 40-year ground lease which expires May 31, 2045.
- The loan failed to pay off at its scheduled October 2024 maturity date was transferred to the special servicer in December 2024. The lender has received executed pre-negotiation letters from the borrower and a third-party and cash management is in place. The lender initiated foreclosure; however, the borrower has historically been uncooperative with enforcement efforts and filed and temporary restraining order. A receivership motion has been granted and the lender and receiver are discussing the next steps towards resolution.
- The servicer reported an occupancy of 40.6% and a DSC of -0.65x for the nine months ended September 2025. An appraisal dated September 2025 valued the asset at $11.7 million ($55,714 per key), which is 49.4% below the $23.1 million ($110,000 per key) appraised value at issuance. As a result, the asset carries an ARA of $186,028. KBRA's analysis resulted in an estimated loss of $2.1 million (23.1% estimated loss severity). The estimated loss is based on a KBRA liquidation value of $9.4 million ($44,571 per key), which is equal to 80% of the appraisal, and projected total exposure of $11.4 million.
Gulf Freeway Office ($5.9 million, 4.8%, Non-Performing Matured Balloon)
- The loan is collateralized by a 178,410 sf, Class-B, office complex, comprising two adjacent five-story buildings approximately nine miles southeast of downtown Houston.
- The loan was transferred to the special servicer shortly before failing to pay off at maturity in October 2024. Special servicer commentary indicated the borrower is unable to refinance the loan due to poor office market conditions. Special servicer commentary also indicated the largest tenant, GSA (11.8% of total base rents, 9.0% of collateral sf), may vacate prior to its November 2030 lease expiration upon 120-days' notice. Leases comprising 56.2% of total base rents and 34.3% of collateral sf are scheduled to expire through 2027. The borrower has completed renovations to one of the buildings' lobbies and has spent $130,000 on roof repairs in 2026. The lender is dual tracking foreclosure with workout discussions.
- The servicer reported an occupancy of 71.5% and a DSC of 1.99x for FY 2025. At this time, KBRA does not estimate a loss on this asset.
366 Knickerbocker Avenue ($1.9 million, 1.5%, Foreclosure)
- The loan is collateralized by a three-story, 5,025-sf mixed-use multifamily and retail property in the Bushwick neighborhood of Brooklyn, New York, approximately four miles east of Manhattan. The building was constructed in 1931 and renovated in 2006 and consists of 2,300 sf of ground-floor retail space and second and third-floor multifamily apartments.
- The loan transferred to the special servicer in August 2016 and has been in foreclosure since October 2016 as the sole retail tenant, Radio Shack, filed for bankruptcy and vacated its space in 2015. A lease for the former Radio Shack space was executed with Modern MD Management Services (MMMS, 65.1% of total base rent) without lender consent, which began in August 2015. The lease with MMMS is scheduled to expire in January 2027; however, the special servicer has indicated a 10-year lease renewal has been approved. Special servicer commentary also indicates there are several issues of default for non-compliance with cash management provisions. A motion for summary judgement and appointment of a receiver was granted by the court in November 2025 and foreclosure was expected to occur on October 22, 2026.
- The servicer reported an occupancy of 100% and a DSC of 0.93x for the three months ended March 2026. An appraisal dated January 2026 valued the property at $3.6 million ($716 per sf), which is 5.3% below the $3.8 million ($756 per sf) appraised value at issuance. As a result, the asset carries an ARA of $985,011. KBRA's analysis resulted in an estimated loss of $1.8 million (94.3% estimated loss severity). The estimated loss is based on a KBRA liquidation value of $2.7 million ($537 per sf), which is equal to 75% of the appraisal, and projected total exposure of $4.5 million. The liquidation value considers a potentially protracted workout process and difficulty in stabilizing the property.
Details concerning the rating affirmations are as follows:
- Class D at B- (sf)
- Class E at CCC (sf)
- Class F at CC (sf)
- Class G at C (sf)
Rating Sensitivities
Future rating actions will be dependent upon the ongoing assessment of the timing and likelihood of ultimate payment of principal and accrued interest on the rated certificates. The assessment will consider the expected and actual losses on the remaining assets in the transaction, as well as the magnitude and extent of interest shortfalls, if any, on the certificates.
To access ratings and relevant documents, click here.