Cantor Commercial Real Estate Lending, German American Capital Corporation and KeyBank priced $631.76 million of commercial mortgage backed securitization notes, according to a person familiar with the transaction.
The deal, COMM 2013-CCRE7, is collateralized by 59 fixed rate commercial mortgage loans that are secured by 87 properties, according to ratings agency presale reports.
Four tranches of notes with preliminary triple-A ratings from Kroll Bond Ratings and Moody’s Investors Service totaling $505.37 million were sold via the 144a market; all benefit from 30% subordination:
The Class A-1 with a weighted average life of 2.33 years was priced to yield 0.712% the Class A-2 with a weighted average life of 4.63 years was priced to yield 1.3463%; the Class A-SB with a weighted average life of 7.08 years priced to yield 2.2799%; the Class A-4 with a weighted average life of 9.93 years was priced to yield 2.9733%.
There were also four tranches totaling $126.39 million that were privately placed:
The AAA-rated Class A-M with a weighted average life of 9.96 years was priced to yield 3.15%; the AA-rated Class B with a weighted average life of 9.96 years was priced to yield 3.45%; the ‘A-‘ rated Class C with a weighted average life of 10.17 years was priced to yield 3.98%; and the ‘BBB’-rated Class D with a weighted average life of 10.46 years was priced to yield 5.62%.
