A deal from Bank of America Merrill Lynch and Morgan Stanley, and a transaction from Wells Fargo and Royal Bank of Scotland add almost $2 billion of
The $1 billion B of A ML, Morgan Stanley deal called MSBAM 2013-C13 transaction has been assigned preliminary rating by Kroll Bond Rating Agency and Fitch Ratings. The conduit is collateralized by 64 fixed-rate commercial mortgage loans that are secured by 78 properties.
The pool has exposure to three property types with concentrations in excess of 10%. Retail represents 56% of the pool, lodging represents almost 17%, and multifamily represents a little more than 13% of the pool, according to the KBRA presale report.
The loans have principal balances ranging from almost $3 million to $130 million for the largest loan in the pool, which is secured by 572,458 square feet of Stonestown Galleria, an 853,546-square-foot regional mall located in San Francisco.
The capital structure will offer notes across the credit spectrum with notes rated from single-B minus and up to triple-A, according to Fitch’s presale report. The super-senior, triple-A tranches are structured with 30% credit enhancement. The class A-S notes, rated triple-A are structured with almost 23% credit enhancement.
Also marketing this week is a $742 million CMBS conduit from Wells Fargo and RBS. The deal called WFRBS Commercial Mortgage Trust 2013-UBS1.
The deal received preliminary ratings by Moody’s Investors Service, KBRA and Standard & Poor’s and will offer notes rated from single-B plus up to triple-A.
The pool has exposure to a mix of property types which include retail, multifamily, hospitality, self-storage, manufactured housing and mixed-use properties.
