Wells Fargo, JP Morgan and Bank of America have begun marketing a $600 million single-asset commercial mortgage-backed securitization backed by the Queens Center in New York City.
Fitch Ratings has assigned the deal, Queens Center Mortgage Trust 2013-QC, preliminary ratings. According to the ratings agency's presale report the deal is structured with $400 million of class A notes, rated ‘AAA’; $77 million of class B notes, rated ‘AA-‘; $52 milllion of class C notes rated ‘A-’; and $60 milllion of class D notes rated ‘BBB-’.
The Queens Center Mortgage Trust 2013-QC certificates represent the beneficial interests in the mortgage loan securing the Queens Center property located in Queens, NY.
In its presale report, Fitch said that the urban shopping mall features a diverse tenant mix that generated total sales of approximately $523.1 million and exceptional in-line sales of $1,066 per square feet over the last 12-month period ended Sept. 30, 2012, which places the property among the top performing malls in the country.