Fourteen classes $1.2 billion securitization backed by 100 fixed-rate commercial mortgages, WFRBS 2013-C12, received preliminary ratings ranging from a top investment grade rating of AAA to a speculative grade B in a Kroll Bond Ratings presale report Monday.
Two classes in the deal were not rated.
According to the report, the loans in the transaction have principal balances ranging from $1 million to $125 million for the largest loan in the pool. The largest loan is secured by Grand Beach Hotel, Miami, and represents 10.2% of the deal.
Ninety-five loans representing 87.8% of the pool have 10-year terms, four loans have five-year terms and one has a seven-year term. The two main sellers contributing loans to the pool are The Royal Bank of Scotland (44%) and Wells Fargo (31.9%).
None of the loans have mezzanine debt but six under certain conditions are permitted to add it in the future. Concentrations in the pool include two property types with exposures greater than 20%: retail (24.8%) and office (22.9%). Geographic concentrations of 10% or more include Illinois (13.4%), Florida (11.6%), Texas (10.8) and California (10.4%).
Other multiborrower CMBS Kroll has issued presale reports on recently include
