The currently marketing $1.2 billion, UBS and Barclays’ conduit gets the distinction of being the first U.S. CMBS to include a non-U.S. domiciled asset, according to BofA Merrill Lynch.
UBS-Barclays Commercial Mortgage Trust 2013-C6 consists of 73 fixed-rate commercial, multifamily and manufactured housing community mortgage loans that are secured by 91 properties located in 28 U.S. states and the U.S. territory of Guam.
The Guam property included in the pool is the $60 million Bayview Plaza retail loan. Analysts at BofAML said in an April 5th report that the loan is the seventh largest loan in the deal, comprising 4.6% of the deal’s balance.
“While the asset may be creditworthy and have been conservatively underwritten, we believe including non-U.S. domiciled properties is yet another instance of originators being forced to look to potentially non-traditional places to generate conduit loans to securitize,” said analysts.