The CMBS conduit new issues pipeline heated up with several new issuers coming to market on Monday that included a $1.27 million Morgan Stanley/Bank of America Merrill Lynch deal.

The deal, MSBAM 2013-C9 joins the Cantor/German American Capital Corp/Keybanc conduit announced earlier today and keeps the momentum going for this structure in a market that has largely been dominated by single asset/large loan issues over the past two weeks.

MSBAM 2013-C9 has been assigned preliminary ratings by DBRS, Kroll Bond Ratings and Moody’s Investors Service, according to a deal prospectus file with the U.S. Securities and Exchange Commission. The capital structure includes six ‘AAA’/ ‘AAA’/ ‘Aaa’ rated tranches; class B notes rated ‘AA-’/ ‘AA’/ Aa3’; and class C notes rated ‘A-’/ ‘A’/ ‘A3’.

The conduit is collateralized by 60 fixed rate commercial mortgage loans that are secured by 77 properties, according to a KBRA presale report.  The loans have principal balances ranging from $2.0 million to $165.0 million for the largest loan in the pool, which is secured by land under the Milford (12.9%), a hotel condominium unit located in Times Square New York City.

The top five loans, which also include The Colonnade (12.5%), Ashford Hospitality Portfolio (8.8%), Dartmouth Mall (5.2%) and Apthorp Retail Condominium (5.1%), represent 44.2% of the initial pool balance, while the top 10 loans represent 57.0%. 

 

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