Allison Bisbey

While the sponsor is borrowing more heavily against the 1,283 properties being rolled over, their values have also increased, resulting in a decline in the combined LTV, to 66.5% from 72%.

The latest transaction is the first to include fees associated with the Take 5 Oil Change brand acquired in 2016; they will rank pari passu with outstanding notes issued in 2015 and 2016.

Explosive growth in student lending was putting pressure on the capital ratios of the company, formerly Darien Rowayton Bank; a securitization got a big chunk of servicing strips off its books.

The sponsor has only identified $552 million of collateral for the $610 million deal; it has another four months to put the remaining $88 million to work in additional assets.

Together with $26.4 million of unrated notes that the REIT will retain in order to comply with risk retention rules, the total amount outstanding from the American Tower I master trust will be nearly $1.81 billion.

The majority of the collateral for the $326 million OBX 2018-1 comes from two called Bear Stearns deals originally issued in 2005; the remainder was acquired by the mortgage REIT in the whole-loan market.

DBRS has assigned a BBB rating to a single tranche of certificates issued in what may be the first-ever rated securitization of servicing fees left over after subcontracting payment collections.

The $1.1 billion BENCHMARK 2018-B3 is backed by 45 loans secured by 89 properties contributed by Deutsche Bank (42.8%), JPMorgan Chase (35.3%) and Citibank (21.8%), according to rating agency presale reports.

Medical residents are considered to be good credits but have less free cash flow than fully practicing doctors; the loans did not have a big impact on overall credit metrics of the $900 million deal.

Nonbanks are originating more commercial mortgages on fixer-uppers in response to a sharp drop in the cost of funding in the securitization market. These deals are said to be "vastly different" than other CRE instruments that sustained big losses in the crisis — so far.