Bank of American Merrill Lynch together with Morgan Stanley and WellsFargo jointly with Royal Bank of Scotland add another $1.7 billion of CMBS conduit paper to the primary pipeline this week.
The $1 billion BofAML, Morgan Stanley deal called MSBAM 2013-C13 transaction has been assigned preliminary rating by Kroll Bond Rating Agency (KBRA) and Fitch Ratings. The conduit is collateralized by 64 fixed rate commercial mortgage loans that are secured by 78 properties.
The pool has exposure to three property types with concentrations in excess of 10.0% -- retail represents 56.0% of the pool, lodging represents 16.9%, and multifamily represents 13.1% of the pool, according to the KBRA presale report.
The loans have principal balances ranging from $2.5 million to $130.0 million for the largest loan in the pool, which is secured by 572,458 sf of Stonestown Galleria, an 853,546 sf, regional mall located in San Francisco, California.
The capital structure will offer notes across the credit spectrum with notes rated from single-B minus and up to triple-A, according to Fitch presale. The super-senior, triple-A tranches are structured with 30% credit enhancement. The class A-S notes, rated triple-A are structured with 22.375% credit enhancement.
Also marketing this week is a $742 million CMBS conduit from Wells Fargo and RBS. The deal called WFRBS Commercial Mortgage Trust 2013-UBS1.
The deal has been assigned preliminary ratings by Moody’s Investors Service, KBRA and Standard & Poor’s and will offer notes rated from single-B plus up to triple-A.
The pool has exposure to a mix of property types which include retail, multifaily, hospitality, self storage, manufactured housing and mixed use properties.