A presale report shows a $1.49 billion commercial mortgage-backed securities deal backed by multiple loans is coming to market.
Kroll in its presale report has assigned preliminary ratings to 14 of the 15 classes in the deal, UBS-Barclays Commercial Mortgage Trust 2013-C5. These range from Kroll’s top AAA rating to a speculative rating of B.
In addition to UBS and Barclays, who respectively account for 57.5% and 28.8% of the pool’s balance, there are three other sellers contributing smaller percentages of loans into the transaction: General Electric Capital Corp., KeyBank and Archetype Mortgage Funding II LLC.
Eighty-one fixed-rate commercial mortgages backed by 122 properties in 25 different states collateralize the deal, with California comprising the highest state concentration at 36.7%. Other geographic concentrations include Florida, 12%, and Maryland, 7.3%.
Kroll’s report indicates the pool has exposure to “all major property types,” and notes that the two represent percentages “in excess of 10%,” specifically retail, 44.1%, and office, 22%.
Two retail California loans secured by regional Southern California malls owned by Westfield America Inc. represent 27.6% of the pool balance. Collectively they also represent 75.1% of the pool’s California exposure and 62.6% of its retail exposure. The loan secured by Santa Anita Mall represents 14.5% of the pool. The other, which is secured by Valencia Town Center, represents 13.1% of the pool.
The Santa Anita Mall loan has a split loan structure. The mortgaged property securing it also secures a pari passu companion loan. Part of the principal balance of the companion notes totaling $70 million is expected to be contributed to a future securitization rather than this one. The Santa Anita Mall Loan Combination totals $285 million.
Deutsche Bank has been named as the trustee on the securitzation, and Midland Loan Services has been named as both master servicer and special servicer.