Presale Released on New GS CMBS

Morningstar Tuesday released a presale report on another Goldman Sachs single-asset commercial mortgage-backed securities deal, a recently originated loan secured by five upscale hotels in New York.

The company assigned preliminary ratings ranging from its top AAA rating to a speculative grade BB rating to 11 classes in the transaction, GS Mortgage Securities Corp. Trust 2013-NYC5, according to the report.

Affinia Manhattan, Affinia Shelburne, Affinia 50, Affinia Gardens and The Benjamin secure the five-year 3.673% interest-only loan that serves as collateral for the deal.

Five limited liability companies whose names correspond to the address of the hotel properties are the borrowers. The LLCs are special-purpose entities whose primary business is the performance of the obligations under the loan documents and the ownership and/or operation of one or more of the properties.

Sponsors of the loan include Pebblebrook Hotel Trust, a Maryland real estate investment trust and Denihan Ownership Co. LLC, a New York LLC. Pebblebrook owns 49% and Denihan owns 51% of the interest in the borrowers; and together they are the nonrecourse carveout guarantors for the loan and guarantors under the completion guaranty.

KeyCorp Real Estate Capital Markets is the servicer and special servicer for the deal.