Allison Bisbey

The $175 million deal is backed by loans with an average balance of $2,365; fewer of them are "renewal loans" to existing borrowers who qualify to borrow more because of previous on-time payments.

Just 0.06% of leases are closed-end, down from 0.08% and 0.10% for the two prior deals issued via the master trust.

The rating agency is now considering lowering its BBB rating on the class B notes. The rating agency also downgraded the class C notes issued in the deal, for a second time, to CC from CCC+.

Accessory dwelling units are gaining attention as a way to boost the supply of rental housing; dedicated financing could help those who need it the most.

The $378.5 million transaction is more heavily leveraged than the sponsor's prior deal, completed in 2015; it is also rated one notch lower by Kroll.

Proceeds from the deal, which is rated by Kroll Bond Rating Agency, will be used to repay unrated notes that the company issued earlier in 2018.

Calling a $149 million transaction and securitizing the notes allows Goal Structured Solutions to benefit from a reduction in spreads since 2016.

The $600 million FORT CRE 2018-1 is more highly leveraged than the private equity group's debut transaction in August 2016, it is also actively managed and includes a $50 million tranche of revolving notes.

Commercial mortgages on retail buildings account for 45.2% of assets in the trust; many of these properties will be familiar to CMBS investors.

The transaction, which consists of a single tranche of notes with a preliminary A rating from Kroll Bond Rating Agency.