Cantor Fitzgerald, UBS and Natixis are teamed up to issue a $1.1 billion CMBS conduit transaction collateralized by 49 fixed rate commercial mortgage loans that are secured by 81 properties.
The deal, COMM 2014-UBS3, has been assigned preliminary credit ratings by Kroll Bonds Rating and Morningstar.
Four mortgage loan sellers contributed all of the loans in the securitized pool: German American Capital Corporation (11 loans, 42.7%), UBSRES (13 loans, 32.0%), Natixis (17 loans, 19.1%), and KeyBank (8 loans, 6.2%). T
The largest loan, backed by the Bronx Terminal Market, comprises 9.9% of the pool. The 912,333 square foot anchored retail center, located in the Bronx, New York, was co-originated by Cantor Commercial Real Estate Lending and German American Capital.
Along with Bronx Terminal Market, State Farm Portfolio (9.5%), Equitable Plaza (9.0%), Southfield Town Center (7.6%), and Sixty LES (5.9%), represent 41.9% of the initial pool balance
Three of these loans are structured with pari passu debt.
The Bronx Terminal Market loan has a balance of $380 million. Two notes totaling $105 million will be securitized in this transaction. Two notes totaling $140 million were securitized in the COMM 2014-CCRE17 deal. Another three notes, totaling $135 million will be added to a future securitization pool, according to the Morningstar presale report.
The State Farm loan has a balance of $383.5 million: $100 million is being contributed to COMM 2014-UBS3 and $283.5 million will be contributed to future transactions.
The Southfield Town Center whole loan has a balance of $142.0 million. An $80.0 million A-1 note is being contributed to COMM 2014-UBS3and a $62.0 million A-2 note will be contributed to a future securitization.
The chart below shows how the deal was tranche and rated by KBRA.