Morningstar Issues Presale on Barclays’ Single-Asset CMBS

Morningstar has assigned preliminary ratings to Barclays’ BBCMS Trust 2013-TYSN, a single-asset commercial mortgage-backed securities transaction with a $325 million original balance that is backed by fee-simple and leasehold interest in a 820,738-square-foot mall located in McLean, Va.

The ratings agency assigned its top preliminary to four classes, and lower investment-grade preliminary ratings of AA+, AA-, A- and BBB to four other classes. Barclays Bank is the seller, Barclays Commercial Mortgage Securities LLC is the depositor, and Barclays in the lead manager. The deal has a sequential pay structure. The sponsor is an operating company subsidiary of real estate investment trust General Growth Properties.

The loan on the collateral property, Tysons Galleria, is expected to close Aug. 12 and be non-recourse. It also is expected to have a seven-year term, amortize on a 30-year schedule, and mature on the payment date in September 2020. It has not had any subordinate financing but could add some under certain conditions. The mall is 96.9% occupied

Morningstar noted in its presale report that the deal has as tenant-in-common structure with Tysons Mall II LLC. This “introduces certain risks into the transaction related to, among other things, partition rights of tenants in common,” according to Morningstar. However it added that “various protections have been integrated into this transaction to mitigate such risks.”