Kroll Bond Rating Agency has assigned preliminary ratings to Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9, a new $1.28 billion commercial mortgage-backed securities conduit deal.
Nine classes of MSBAM 2013-C9 received Kroll’s top rating of AAA(sf). Five classes received lower investment grade ratings ranging from AA-(sf) to BBB-(sf). Three classes received speculative grade ratings ranging from BB+(sf) to B(sf). One class did not receive any ratings.
Sixty fixed rate commercial mortgages secured by 77 properties collateralize the transaction. The loans have principal balances ranging from $2 million to $165 million for the largest loan in the pool.
The largest loan is secured by land underlying The Milford (12.9%), a hotel condominium unit located in Times Square.
The properties in the collateral pool are located in 24 different states and Washington, D.C. The largest exposure is to New York (22.1%).
The pool also has exposure to four property types with concentrations in excess of 10%, the largest of which is retail (32.6%).
The sellers are Morgan Stanley and Bank of America. Morgan Stanley also is the depositor. Midland Loan Services will be the master servicer and special servicer.
Other new CMBS conduit deals that have received preliminary ratings recently include
