Barclays Commercial Mortgage Securities is preparing to issue $804.9 million in pass-through certificates in a conduit securitization of revenues from 37 commercial property loans on 85 properties.
Known as BBCMS Mortgage Trust, series 2024-C28, the deal will issue 20 classes of notes. Noteholders of 15 classes are entitled to principal and interest, three will receive interest-only, one class of noteholders is entitled to excess interest, and one class receives residual interest.
Twenty-six sponsors are behind the transaction, according to a pre-sale report from Kroll Bond Rating Agency (KBRA). The certificates which added that the loan has a coupon of 6.5%, and a remaining term of 9.4 years, the rating agency said. Wells Fargo Bank is master servicer on the deal, while LNR Partners is on the transaction as special servicer.
The Securities and Exchange Commission (SEC) noted that classes A, B, C and X notes will be issued to investors.
Barclays, Société Générale, Deutsche Bank Securities, UBS Securities, Goldman Sachs and Wells Fargo Securities are co-lead managers and joint bookrunners on the deal. Bancroft Capital and Drexel Hamilton serve as co-managers, SEC said.
Retail properties account for the largest portion, at 23.5%, according to KBRA. Lodging follows, with 22.1%, while mixed-use, industrial and those classified as "other" account for 16.9%, 15.0% and 22.4%, respectively. Twenty-seven of the loans, representing 80.6% of the pool, are full-term interest-only loans.
The pool assets had an in-trust, KLTV, or loan-to-value, ratio of 91.5% at the cutoff date, according to KBRA.
According to a mapping of the properties in the underlying collateral pool, Florida appears to have the most, with five, according to the SEC. The Florida properties represent 11.4% of the total pool balance, the agency said.
All of the notes, including those paying out interest only, have a rated final distribution date of August 2056. Credit enhancement ranges from 30% on the A1 through A-SB. Meanwhile, the AS through H-RR have credit enhancement levels ranging from 18.0% to 3.6%, KBRA said.
KBRA assigns ratings of AAA to the A1 through A-S tranches; the class B notes received a AA rating; and the class C, D, E, F, G and H notes received ratings of A+, A, A-, BBB+, BB+ and B+.
