Classes J and K of COMM 2003-FL8 commercial mortgage pass-through certificates have been placed on review for possible downgrade by Moody's Investors Service.The rating actions were attributed to a decline in the performance of the KFH Multifamily Portfolio Loan, which represents 25.3% of the pool. The loan is secured by a first-priority mortgage encumbering the fee interests on 13 multifamily properties in Illinois, Arizona, Texas, and Florida. "Despite increased portfolio occupancy since securitization, a preliminary review of the operating statements and other financial information shows a decline in base rent and increases in tenant concessions and delinquencies," Moody's said.
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