A $950 million CMBS backed by the fee interest in 1290 Avenue of the Americas called VNDO 2012-6AVE has joined this week's CMBS pipeline. The property is a 2.1 million-square-foot, class A high-rise office building in midtown Manhattan, N.Y., according to a Standard & Poor's presale released last night.

The trust loan balance is comparatively low-leveraged with a 70.8% beginning and ending LTV ratio on a S&P stressed basis and a 47.5% LTV ratio on the appraised value, the rating agency reported. S&P added that the loan has a debt service coverage of 2.67x and benefits from REIT Vornado Realty Trust's strength as a sponsor.

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