Goldman sponsors $1.33B conduit CMBS offering backed by 52 loans
Goldman Sachs is sponsoring a $1.33 billion bond offering backed by commercial mortgages, in the first rated conduit deal of the year.
GS Mortgage Securities Trust 2020-GC45 is a highly leveraged, multiborrower pool of 52 loans funded and ultimately secured from cash flows from office, hotel, retail, industrial and other commercial properties.
The five largest loans in the pool are each $60 million participations in larger whole loans, including a portion of a $1.6 billion loan recently underwritten for the Bellagio Hotel and Casino in Las Vegas.
The trust also has a $60 million interest in a loan taken out by Paramount Group (NYSE: PGRE) for its 48-story Paramount Plaza office tower at 1633 Broadway in New York – a property that was also part of a $1.25 billion single-borrower securitization issued in December.
ASR_GoldmanCMBS010720Fitch Ratings and DBRS Morningstar have each assigned early triple-A ratings to the senior notes in the deal.
DBRS is treating eight of the loans as investment-grade loans in the collateral, providing the deal with a higher-than-average proportion of IG loans that similar CMBS fusion transactions, the ratings agency stated in a presale report.
Office properties make up 22.6% of the pool, followed by anchored retail (15.4%), mixed use (15.3%) industrial (14.1%) and multifamily (13.1%). About 16.7% of the pool are loans tied to properties in New York.
The deal was underwritten by Goldman, Citigroup, Deutsche Bank, Academy Securities and Drexel Hamilton.