CCofA Prices CMBS Deal

Nomura Securities Co. Ltd. subsidiary Capital Company of America, San Francisco, has priced $1.1 billion in commercial mortgage pass through certificates through trust fund CASC Commercial Mortgage Trust 1998-D7.Bridge/Telerate reported that the largest piece of the deal, a $633 million, 9.7-year tranche carrying the top investment grade rating priced at 155 basis points to the Treasury curve. The deal was backed by a pool of 194 fixed-rate mortgages secured by first liens on 366 commercial and multifamily properties, according to a preliminary prospectus supplement. It was the first securitization done by Capital Company of America since major CMBS player Ethan Penner left the firm and the company confirmed that it had taken a loss related to recent market volatility that upset the CMBS market's pricing.