Kroll Bond Rating Agency has assigned preliminary ratings to UBS-BB 2013-C6, a $1.3 billion commercial mortgage-backed securities conduit transaction collateralized by 71 fixed-rate loans.
The preliminary ratings assigned to 13 classes of the deal range from a top rating of AAAsf to a speculative grade rating of B. Nineteen classes of certificates will be issued, of which 14 classes are entitled to principal and interest, three receive interest-only and two classes are residual interests. One IO class and one residual interest class are not rated.
The loans sellers are UBS, Barclays,
The loans are secured by 91 properties in 28 different states as well as Washington, D.C. and the United States Territory of Guam.
The three largest state exposures are New York (29.2%), Florida (18.5%) and California (10.4%).
The pool has exposure to five property types with concentrations in excess of 10%, including retail (45.8%), mixed-use (15.4%), lodging (13.4%), multifamily (10.3%) and office (10.2%). The loans’ principal balances ranging from $1 million to $160 million.
The largest exposure in the pool is Gateway (12.4%), which consists of three cross-collateralized and cross-defaulted loans, each of which is secured by a single property that together comprise a 354,881 square foot anchored center located in Brooklyn, N.Y.
