Kroll Bond Rating Agency has assigned preliminary ratings to a $1.34 billion CMBS
The deal, JPMBB 2013-C12, is collateralized by 77 commercial mortgage loans that are secured by 107 properties. The capital structure will offer six classes of AAA-rated Class A notes, AA-minus-rated Class B notes, A-rated C notes, BBB-minus-rated D notes, BB-rated E notes and B-rated F notes.
The loans have principal balances ranging from $1.6 million to $125 million for the largest loan in the pool, Legacy Place (9.3%). Legacy Place is a 575,248-square-foot anchored retail center located in Dedham, Mass., approximately 12 miles southwest of Boston.
The top five loans, which also include the Americold Cold Storage Portfolio (8.2%), IDS Center (6.7%), Southridge Mall (4.1%) and Colony Hills Portfolio (3.5%), represent 31.4% of the initial pool balance, while the top 10 loans represent 45%.
Over half of the pool’s balance (55 loans, or 51.1%) is comprised of amortizing balloon loans with no interest-only periods. There are 19 loans (45.6%) that have partial interest-only periods, and two full-term IO loans (3.2%).
The collateral properties are located in 33 states. The five largest state exposures represent 43.6% of the pool balance. These include Massachusetts (11.9%), Texas (10.0%), California (7.7%), Minnesota (7.6%) and New York (6.4%). By property type, the pool's biggest concentration is retail (40.4%), multifamily (14.1%), office (12.9%) and hotel (12.5%).
